Strides Pharma reports Q3 net loss of Rs 82 cr, revenue rises to Rs 865 cr

Strides Pharma Science on Tuesday reported a consolidated net loss of Rs 82 crore for the third quarter ended December 31, 2022.

The drug firm had reported a net loss of Rs 127 crore in the October-December quarter of previous fiscal.

Revenue from operations rose to Rs 865 crore for the quarter under review as against Rs 794 crore in the year-ago period, the company said in a regulatory filing.

On a standalone basis, the company reported a net profit of Rs 12 crore as against a net loss of Rs 18 crore in the year-ago period, it added.

The Bengaluru-based firm said the profit during the quarter was impacted by loss from JV and associates on account of inventory write off related to Covid portfolio.

"We continue to focus on a profitable outcome for the business and have, by design, let go of several low margin businesses," Strides Pharma Science Founder, Managing Director and Executive Chairperson Arun Kumar said.