 "Strides Pharma")
Bengaluru-based Strides Pharma reported a consolidated net profit before exceptional items of Rs 86.27 crore for the fourth quarter of the financial year 2023-24 as against a net profit of Rs 41.23 crore in the same quarter of the previous year. The company reported a 5.6 per cent year-on-year (Y-o-Y) growth in net revenue of Rs 1,070.48 crore as against Rs 1,013.49 crore.
Consolidated net profit stood at Rs 10.44 crore in Q4 FY24. In the same quarter of the previous fiscal, Strides reported a loss of Rs 13.79 crore. Ebitda grew 4.61 per cent to Rs 204 crore, representing an Ebitda margin of 19.3 per cent versus 18.8 per cent in the same period last year. The Board of Directors has recommended a final dividend of Rs 2.50 per equity share for the financial year ended March 31, 2024. Each equity share has a face value of Rs 10.
“FY24 was an exceptional year for Strides, marked by the successful completion of our Reset strategy initiated in FY22. The company achieved all its key objectives laid down in our Reset strategy and has bounced back to become a strong and resilient company. As a result of our focus on consistent growth and cost containment, FY24 concluded as the best year in the company’s history in terms of both revenue and absolute Ebitda,” said Arun Kumar, founder, executive chairperson and managing director, Strides Pharma Science Limited.
“With today’s leadership announcement, we have introduced a well-structured succession and leadership development programme, guided by the Board. I am confident that the strong internal talent we have developed over the years will ensure the company’s continued long-term growth,” added Kumar.
Strides stated that in the near term, they will focus on operating cash flows while investing in growth. This approach aims to balance the efforts of their Reset initiative with improved revenue compound annual growth rate (CAGR) in the coming years. “The firm’s ESG efforts have started to yield results, with its EcoVadis rating improving from 30 to 44 during the first year of review. We will continue to intensify our efforts to become a more sustainable and responsible company,” Kumar added further.
Strides declared its earnings during market hours on Wednesday. Its market shares were up 6.12 per cent at Rs 897.95 on the BSE.
