Strides Arcolab has significantly improved its financial working during the first quarter ended March 2013 on account of gains from exchange fluctuation. The company posted standalone net profit of Rs.31.57 crore as against a net loss of Rs.28.16 crore in the corresponding period of last year. Its foreign exchange gain amounted to Rs.0.83 crore as against a loss of Rs.31.14 crore. The EBDITA moved up by 58.7 per cent to Rs.48.78 crore from Rs.30.73 crore, despite rise in raw material cost by 36 per cent and employees cost by 23.5 per cent.

The company's standalone net sales increased by 34 per cent to Rs.161.34 crore from Rs.120.42 crore. The consolidated pharma revenues grew by 47 per cent to Rs.235 crore from Rs.160 crore in the last period. It filed 47 products with US FDA with 19 product pending approvals. The company expects 3-4 approvals in the second quarter of 2013.

Arun Kumar, vice chairman and Group CEO, said, “Year 2013 has started on a promising note and we continue to be upbeat about our pharma business which is currently tracking ahead of guidance. The quarter also witnessed focused effort on growing the biotech business through new exciting partnerships.”

The company management opted out of reporting consolidated financials as the Agila business is in transition consequent to the sale of Agila business to Mylan Inc., as announced in February 2013.