Strides Pharma on Wednesday recorded fiscal fourth profit at Rs 18.18 crore in comparison to a loss of Rs 9.54 crore reported during the corresponding quarter of FY23. It posted revenue from operations at Rs 1084.04 crore, up 9.9 per cent as against Rs 986.37 crore during the fourth quarter of previous fiscal year. Q4FY24 revenue growth was driven by the US markets and growth markets
While the total income posted by the company was at Rs 1070.49 crore, total expenses incurred during the quarter in review stood at Rs 984.22 crore. Strides Pharma said that the company recorded the highest ever EBITDA at Rs 230 crore, up 48 per cent on-year.
For the full year, Strides Pharma posted its highest ever revenue at Rs 4055.50 crore in FY24, up 14.4 per cent YoY. EBITDA for FY24 was at Rs 747.70 crore, posting a growth of 77.6 per cent on-year. Its US business achieved top end of $250 million revenue outlook for FY24, grew by 11.8 per cent YoY. The company said that the net debt reduced by Rs 313.10 crore in FY24.
The company board also recommended a final dividend of Rs 2.50 per equity share of Rs 10 each (at the rate of 25 per cent) for the financial year ended March 31, 2024. Dividend will be paid within 30 days from the date of shareholders’ approval at the ensuing Annual General Meeting (AGM) of the Company, it said.
Arun Kumar, Founder, Executive Chairperson & Managing Director, said, “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.”
“With today’s leadership announcement, we have introduced a well-structured succession and leadership development program, 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. In the near term, we will continue to focus on operating cash flows while investing in growth to ensure that the efforts of our Reset are balanced by an improved revenue CAGR, in the coming years,” he added.