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Strides Pharma records 11 pc YoY revenue increase in Q2FY21 Strides Pharma

Strides Pharma records 11 pc YoY revenue increase in Q2FY21

India Blooms News Service | @indiablooms | 29 Oct 2020, 11:22 pm

Kolkata/IBNS: Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its consolidated financial results for the quarter (Q2FY21).

The company recorded an 11 per cent increase YoY in its revenues with Rs 7,971 million in Q2FY21 compared to Rs 7,180 million in the same quarter last fiscal. It recorded a 2 per cent increase in the quarter ended September 30 compared to Rs 7,847 million revenue in Q1FY21.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that indicates a company's overall financial performance stood at Rs 1,656 million compared to Rs 1,506 million in the year-ago period and Rs 1,578 million in Q1FY21, up by 10 per cent YoY and 5 per cent QoQ, the company's financial statement showed.

The company's Pharma PAT stood at Rs 792 million in the second quarter of financial year 2021 compared to Rs 788 million in the previous quarter and Rs 717 million in the same quarter previous year.

The drug manufacturer said its US frontend continues to see sequential growth, up per cent QoQ driven by market share gains in key products.

"While we have witnessed slowdown during the current quarter in the other regulated markets, the long term outlook for these markets continues to be robust. Our reset strategy in emerging markets is playing out well and we continue to see green shoots in that business," Dr R Ananthanarayanan, Managing Director and CEO of Strides.

"We prioritized operations during the quarter and ensured we met customer commitments and maintained healthy gross margins and EBITDA margins in a constrained environment," he added.

The company's manufacturing plants have since returned to normalcy while maintaining necessary health guidelines.
 "We are monitoring the evolving business dynamics closely and as we look forward to the second half of FY21, we continue to believe in our growth momentum across markets," he said.