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Strides Shasun net at Rs. 59 cr after amalgamation in Q3

Our Bureau, MumbaiTuesday, February 9, 2016, 17:25 Hrs  [IST]

Strides Shasun Ltd, after amalgamation of Shasun Pharmaceuticals with the company, has posted consolidated net profit of Rs.58.81 crore during the third quarter ended December 2015 as against Rs.27.71 crore in the corresponding period of last year. The net sales reached at Rs.816 crore as against Rs.664 crore. Paid up capital increased to Rs.89.27 crore from Rs.59.63 crore and EPS worked out to Rs.7.22 as compared to Rs.3.44 in the last period. The company's share price declined by Rs.75.80 today and closed at Rs.1031.50 on BSE.

A scheme of amalgamation between Strides Arcolabs and Shasun Pharmaceuticals was implemented from April 1, 2015. Strides has allotted 21,017,329 equity shares to shareholders of erstwhile Shasun in the ratio of 5 equity shares of Rs.10 each of strides for every 16 shares of Rs.2 each held by shareholder of Shasun as at November 19,2015. Abhaya Kumar, Founder and managing director of Shasun Pharma joined the Board of Strides Shasun Ltd as an executive director.

Arun Kumar, executive vice chairman and managing director, said, “Considering the volatile external environment, we had a strong quarter with margins in line with guidance. We believe that we have laid a strong foundation for building the business of size and scale though organic and inorganic strategies.”

The company has re-aligned third quarter and nine months figures for comparative purposes. Its global pharma revenue in regulated market increased to Rs.319 crore from Rs.147 crore, but that in emerging markets declined by one per cent to Rs.116 crore from Rs.117 crore. Regulated markets business represent 37 per cent of total revenues. This the first full quarter of consolidation of Arrow Pharmaceuticals business in Australia. Its institutional business improved sharply by 29 per cent to Rs.170 crore from Rs.132 crore.

PSAI sales were under pressure and declined by 3 per cent to Rs.250 crore from Rs.257 crore.  API revenues impacted due to incessant rains in state of Tamil Nadu. CRAMS business continued turnaround delivering another steady quarter.

Its R&D expenditure increased to Rs.22 crore during the quarter under review from Rs.15 crore in the last similar quarter. Its cumulative ANDA filings with US FDA reached at 43 and 20 ANDA filings are still pending for approval with US FDA. Its filed 18 cumulative PEPFAR with 17 tentative approvals.  

The company raised US$ 167 milloin through a qualified institutional placement by issuing 8.63 million shares at Rs.1,278 per share. Out of the total QIP proceeds, up to $ 100 million have been earmarked for acquisitions and organic expansion plans for the group. Remaining funds will be utilized towards repayment of debt.

For the nine months ended December 2015, its net sales increased to Rs.2,174 crore from Rs.1,844 crore in the same period of last year. Its adjusted net profit worked out to Rs.143 crore and adjusted EPS stood at Rs.17.78.

 
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