Strides Arcolab, a specialty pharmaceuticals company with presence in generics, OTC and nutraceuticals, has reported impressive results for the fourth quarter ended September 2004. The company's net profit has taken a quantum jump and touched to Rs 7.62 crore from Rs 0.15 crore in the corresponding period of last year mainly on account of lower expenditure, including interest and depreciation. Its sales increased 7.2 per cent to Rs 69.18 crore from Rs 64.35 crore.
The company's sales for the 12 months ended September 2004 reached at Rs 242.95 crore from Rs 200.43 crore for the corresponding period of last year. This worked out to annual growth of 21.2 per cent. Its net profit for the same period went up to Rs 25.85 crore from a net loss of Rs 5.62 crore. The last year was of 18 months period and the current year is of 15 months period ending December 2004.
Its consolidated sales for the 12 months period ended September 2004 touched to Rs 374.18 crore and it earned a net profit of Rs 34.25 crore.
One of the company's sterile products plant is under shut down for refurbishment/ expansion. The company expects the plant to be operational in December 2004. Despite the shut down of the plant having impacted the sales and profits during the quarter, this was offset by receipt of R&D milestone income. The company continued its thrust in the regulated markets for this quarter also. For the twelve months period on a consolidated basis, regulated markets have contributed 25 per cent of total income.
Arun Kumar, Group CEO, Strides Arcolab said: "The company's encouraging performance over the recent quarters bears testimony to the strategic thrust in regulated markets and higher supplies to some of our alliance partners in these markets. We will continue to pursue our focus in specialty products. With the definitive agreement with Akorn, US for joint venture in place, we are confident of growing the business further in coming years."
Strides Arcolab has a global presence in more than 50 countries. The company has manufacturing facilities in India, Brazil, Mexico and USA. It supplies to a number of geographic locations including Latin America, UK, South East Asia, Africa, Australia and Russia. The Indian manufacturing facilities for the regulated markets are approved by all major regulatory bodies like MHRA / EU / TGA and MCC. The US facility is FDA approved.