Strides Arcolab Q1 net more than doubles to Rs 42 crore

Drug firm Strides Arcolab today said that its consolidated net profit has more than doubled to Rs 41.9 crore during the first quarter ended June 30.

The company had posted a net profit of Rs 19 crore for the corresponding period of the previous fiscal, it said in a statement.

Strides' total income from operations on consolidated basis was up 6.35 per cent at Rs 276.1 crore during the quarter as against Rs 259.6 crore year ago.

Strides Arcolab Founder and Group CEO Arun Kumar said: "In version 2 of Strides, we focus on achieving key strategic and operational goalpost. Quarterly performance is not a guidance of near term financial results.

Having stated that Q1FY16 was a challenging quarter for the business mainly led by a subdued performance in our emerging market operations in Africa," he further said

Strides Arcolab would continue to ramp up R&D initiatives with focus on building a disruptive model, Kumar added.

Shares of Strides Arcolab were trading 1.72 per cent higher at Rs 1,270.00 at 13:06 hrs on BSE.