Strides Pharma Science rose 1.76% to Rs 578.85 after the company said its Puducherry facility successfully completed UK drug regulator's inspection.
The UK Medicines and Healthcare products Regulatory Agency (UK MHRA) conducted the inspection between between 15th and 18th of October 2019. The company has now received the renewed GMP (Good Manufacturing Practices) certificate thereby confirming the successful closure of the inspection.
In a BSE filing made during market hours today (19 August 2020), the company said that the Puducherry facility caters to the U.S., Other Regulated Markets and Institutional businesses and has capabilities to produce finished dosage formulation products across multiple dosage formats.
Commenting on the development, Dr. R. Ananthanarayanan, managing director & CEO, remarked: "We are pleased with the positive outcome of the inspection by the UK MHRA at our Puducherry facility. The inspection was conducted a few months after the USFDA inspection that resulted in the Warning Letter. We stay focused on getting the facility reclassified with the USFDA. We are committed to upholding the highest levels of quality compliance and integrity across all our manufacturing sites."
Strides is a global pharmaceutical company. It focuses on "difficult to manufacture" products that are sold in over 100 countries.
The company's consolidated pharma net profit rose 51% to Rs 78.8 crore on 14% increase in revenues to Rs 784.7 crore in Q1 FY21 over Q1 FY20. EBITDA margin stood at 20.1% as on 30 June 2020 as against 18% as on 30 June 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
