Strides' Q4 profit jumps to Rs 3,525 cr on investment sale

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Drug firm Strides Arcolab reported over 47-fold rise in standalone net profit of Rs 3,525.24 crore. Reuters Drug firm Strides Arcolab reported over 47-fold rise in standalone net profit of Rs 3,525.24 crore. Reuters
SummaryDrug firm Strides Arcolab reported over 47-fold rise in standalone net profit of Rs 3,525.24 crore...

Drug firm Strides Arcolab today reported over 47-fold rise in standalone net profit of Rs 3,525.24 crore for the fourth quarter ended December 31, on account of sale of its long-term investment.

It had posted standalone net profit of Rs 73.93 crore in the October-December quarter of the 2012, Strides Arcolab said in a filing to the BSE.

The drug firm garnered Rs 3,265.52 crore in the December quarter from sale of its long-term investment, the company said in the statement.

It also gained Rs 27.12 crore during the quarter on account of currency fluctuation, as against a loss of Rs 12 lakh during the same quarter of 2012, it said.

Net sales of the company stood at Rs 240.24 crore for the quarter, as against Rs 152.09 crore in the year-ago period.

For the entire year 2013, Strides Arcolab standalone net profit showed 63-fold jump to Rs 3,561.18 crore as against Rs 55.98 crore a year earlier.

Net sales in FY'13 also went up to 751.59 crore as against Rs 613.26 crore in the previous fiscal ended December 31, 2012. Strides Arcolab scrip closed at Rs 369.35, down 2.69 per cent, on the BSE.

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