Higher licensing income has boosted the net profit of Strides Arcolab, manufacturer of sterile injectables, by 34 per cent, to Rs 47 crore for the third-quarter (Q3) ended September 30.
The company's revenue for Q3 has also gone up 81 per cent, at Rs 780 crore. The higher licensing income has led to the company revising its full year guidance upwards from Rs 2,200 crore to Rs 2,500 crore. EBITDA for the quarter is 73 per cent at Rs 153 crore. Diluted EPS is 7.96 as compared to 5.52 recorded during the same period last year.
Commenting on the third quarter performance, Mr Arun Kumar, Vice-Chairman and Group CEO, Strides Arcolab Limited, said: “I am glad that the business is tracking ahead of guidance in spite of a difficult macroeconomic environment, particularly in relation to volatile currencies in the key markets we operate. With continued momentum of new product launches and approvals in our specialties business, I am confident of continued operating performance scale up in the coming quarters.”
Applications
The company as on date has filed 47 applications in key regulated markets, of which 42 have been approved. In the key emerging markets, the company has filed 40 applications, of which 29 have been approved.
“Considering the strong year-to-date (YTD) performance, the company is confident of achieving the higher end of guidance, despite volatile currencies in our key markets and difficult macroeconomic conditions,” said Dr T S Rangan, Group CFO, Strides Arcolab.
“The strong YTD performance is the sole reason for us to revise the company's full year revenue guidance upward from Rs 2200 crore to Rs 2500 crore and our full year EBITDA guidance of Rs 440 crore to Rs 480 crore,” he added.