Strides posts Rs.532-cr net in fiscal 2015

Drug firm Strides Arcolab has posted a net profit of Rs.532.3 crore for the 2015 financial year, riding on the back of a spate of acquisitions made in the year, coupled with renewed focus on re-entering some markets.

The Bengaluru-based drug-maker posted a net profit of Rs.3,512 crore in the 2014 financial year but the company said these results are not comparable as the company has changed its financial year from calendar to fiscal year. The company clocked revenues of Rs.1,029.5 crore for the 2015 fiscal. Revenues came in at Rs.1,184.7 crore for 2014. Further, the Board has recommended a dividend of Rs.3 per share.

For the March-ended quarter, net profit came in at Rs.69.6 crore.

For the corresponding quarter in 2014 financial year, Strides had posted a net loss oRs.232.7 crore.

Revenues for the quarter was Rs.290 crore whereas the same was Rs.292 crore for the March 2014 quarter.

Arun Kumar, Founder and Group CEO, said in a statement that the merger with Shasun and re-entry into the Australian market will make Strides a global pharmaceutical company with size and scale. He added that investments in R&D and portfolio maximisation will be the company’s key priorities.

Strides’ R&D spend for fiscal 2015 was Rs.32.9 crore against Rs.20.3 crore in the previous financial year.

The company is upbeat about its prospects on the back of some of the recent moves it has made. On Thursday, it acquired two pharmaceutical portfolios of South Africa’s largest generic drug company, Aspen Pharmacare Holdings for $301 million.

These moves have helped the company to expand its EBITDA margins by 380 basis points to 21 per cent in fiscal 2015. Business Line