Strides Arcolab has posted standalone net profit of Rs.3,525 crore during the fourth quarter ended December 2013 mainly due to the net gain of Rs.3265.53 crore from sale of Agila division to Mylan Inc. The net profit for the similar period of last year was Rs.73.93 crore. The company's net sales increased by 58 per cent to Rs.240.24 crore from Rs.152.09 crore in the similar period of last year. Its other income moved up sharply to Rs.1388.24 crore from Rs.83.87 crore. The company has extended its financial year by three months to January-March 2014.
Arun Kumar, vice chairman and Group CEO, said, “ This has been a defining quarter for all of us at Strides as we delivered significant value to all stakeholders post the successful completion of the Agila transaction. The continuing global pharma business has delivered the 12 month guidance despite delays in key product approvals from US FDA. We expect to continue the momentum in the coming quarters.”
For the 12 months ended December 2013, Strides standalone net sales improved by 22.6 per cent to Rs.751.60 crore from Rs.613.29 crore in the previous year and its standalone net profit, after net gain on sale of long term investments, worked out to Rs.3561.19 crore as compared to Rs.55.99 crore. Its other operating income declined to Rs.55.52 crore from Rs.98.72 crore and its other income went up to Rs.1,439.06 crore from Rs.118.91 crore. The company paid Rs.1117.40 crore for taxation as compared to Rs.3.90 crore in the previous year.
On the consolidated basis, its pharmaceutical revenue amounted to Rs.1,035 crore with an EBDITA of Rs.201 crore. The profitability is impacted by exchange loss of Rs.22 crore and EBDITA margin worked out to 19 per cent. The company filed 47 products with US FDA and 18 products are still pending for approval. Stelis Biopharma entered into a long term agreement with Germany's Pieris AG for worldwide development and commercialization of a protein molecule, primarily focused on ophthalmology.
Meanwhile, Sangita Reddy has joined the board of the company as an Independent Director.