Pharmaceutical company Strides Pharma Science Limited on Tuesday reported its fiscal third quarter profit for the financial year 2023-24 at Rs 49.67 crore against a loss of Rs 80.03 crore during the third quarter of FY23. It posted revenue from operations at Rs 1037.67 crore, up 20 per cent in comparison to Rs 864.85 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 193 crore, up 66 per cent on-year, led by healthy revenue and gross margin expansion and among the company’s best quarters on an absolute number basis.
While the total income recorded during the quarter in review was at Rs 1046.42 crore, total expenses incurred during Q3FY24 stood at Rs 974.37 crore. US Business, said Strides Pharma, reported its best-ever quarterly performance with revenues at $67 million. The Q3FY24 gross margins was at 59.5 per cent, an absolute gross margin increase of Rs 116.50 crore YoY.
Arun Kumar, Founder, Executive Chairperson & Managing Director, said, “We are delighted to announce the sustained progress in our FY24 performance, highlighted by a robust Q3FY24, where we achieved a 20 per cent YoY revenue growth and continue to grow our EBITDA over revenues. We are optimistic about delivering the upper range of our EBITDA outlook for FY24, laying a strong foundation for the quarters ahead.
“Our revenues have surpassed Rs 1,000 crore for two consecutive quarters with an improved EBITDA performance predominantly driven by our US operations, which recorded its highest-ever revenue of $67 million in the quarter supported by the seasonality of our product portfolio. This performance underscores our strategic approach to product launches, prioritising profitable market share sustainability. While our other regulated markets continue to exhibit strong YoY growth our Access markets business remains lumpy. We remain committed to expanding our pipeline and venturing into new territories organically to ensure our growth trajectory in the quarters to come,” added Arun Kumar.
The company also announced the successful divestment of its Singapore facility, optimising its manufacturing network. “The proceeds from this corporate action has been utilised for debt reduction enabling us to achieve a debt to EBITDA of under 3 ahead of our outlook,” said Arun Kumar.
The company also informed that Ameet P Hariani has been appointed as Independent Director of the company effective February 1, 2024.