Stride Arcolab, a Rs 1000 crore plus pharma major, has suffered setback during the third quarter ended September 2009 on account of other income adjustment. Its consolidated net profit declined by 78.6 per cent to Rs 22.10 crore from Rs 103.27 crore in the corresponding period of last year. The company has shown other income of Rs 170.60 crore during the previous period as against nil in the current period. Its consolidated net sales moved up by 16.6 per cent to Rs 317.14 crore from Rs 272.10 crore. With significant lower net profit, its EPS worked out to Rs 4.70 as compared to Rs 25.51 in the last period.
The profit before interest and other income, however, went up by 189.7 per cent to during the third quarter of 2009 to Rs 30.68 crore from Rs 10.59 crore in the last period.
Its standalone revenue declined marginally to Rs 165.7 crore during the quarter from Rs 166.3 crore in the similar period of last year. It earned a standalone net profit of Rs 4.20 crore as against a net loss of Rs 51.7 crore in the last period.
The company commenced supplies of Starflu for the treatment of influenza – (H1N1) to Ministry of Health, India. The Hon'ble High Court of Judicature at Bombay sanctioned the Composite Scheme of Arrangement between Grandix Pharmaceuticals Limited, Grandix Laboratories Limited, Global Remedies Limited and Quantum Remedies Private Limited ('Transferor Companies') with Strides Arcolab Limited (Transferee Company). The approvals from Hon'ble High Courts of Karnataka and Chennai are awaited.
The company received US FDA approval for two more products one each for Steriles and Orals. Total approval for Steriles reached at 17 and Orals at 13. Ascent entered into an agreement with Pfizer to sell and promote Pfizer off-patent products in Australia.
Commenting on Q3 09 results, Strides Arcolab’s vice chairman & group CEO Arun Kumar stated “I am happy that we have been delivering continued growth Quarter-after-Quarter. The key business drivers have performed in line with our internal targets and we look forward to another year of superior performance”.
For the nine months period ended September 2009, Stride’s consolidated net sales improved by 23.1 per cent to Rs 911.16 crore from Rs 734.43 crore in the corresponding period of last year. Its net profit, however, declined by 29.6 per cent to Rs 76.62 crore from Rs 108.81 crore. The company has shown other income of Rs 228.98 crore as against nil in the current period.