Drug firm Strides Arcolab today said its consolidated net profit rose by 11.63% to Rs 122.44 crore for the year ended December 31, 2010, on the back of strong performances across all its divisions.
The company had a net profit of Rs 109.68 crore in the last fiscal, Strides Arcolab said in a statement.
Total income of the company rose to Rs 1,761.06 crore for the year ended December 31, 2010, compared to Rs 1,328.33 crore in the previous fiscal.
"2010 was a game changing year for us as we saw the fruitification of many of our plans in our goal to become a global sterile powerhouse," Strides Arcolab Vice Chairman and Group CEO Arun Kumar said.
He further added: "Our partnerships with Pfizer and entry into the biologics space has strengthened and consolidated our position in the specialty segment."
Kumar said that the company's critical care offering 'Ray of Life' for the domestic market, has also made significant progress with a wide range of high quality oncology products at an affordable price for Indian consumers.
The company's board, which met today, has recommended dividend of 15% or Rs 1.50 per share for the year ended December 31, 2010.
The company's specialty business, which it has rebranded as 'Agila', was boosted by new product launches in regulated markets and additional revenue generated by new facilities.
During the year, the company collaborated with Pfizer for 40 off patent sterile injectable and oral products for the USA market. It further extended collaboration to cover 38 generic oncology products in an expanded geography that includes Europe, Canada, Japan, Australia, New Zealand and Korea.
The company also signed an agreement with Pfizer to sell 16 abbreviated new drug approvals (ANDAs) and 6 filed ANDAs through its US joint venture Akorn-Strides LLC.
The company's India brand business achieved Rs 47 crore in sales. In Africa, the company posted sales of $6.09 million and added four new markets--Congo, Mali, Mozambique, Malawi.
Giving guidance for 2011, the company said its expects its consolidated revenue to increase by 25% to Rs 2,200 crore. Further, the company expects its specialties business to grow by 45% to Rs 1,000 crore in 2011.
Shares of Strides Arcolab today closed at Rs 341.60 on the Bombay Stock Exchange, down 3.09% from its previous close.
