Strides Arcolab posts ₹97-cr profit

Strides Arcolab has reported a standalone net profit of ₹97.39 crore for the third quarter of the 2014-15 financial year on the back of gains it made on sale of some long term investments and higher dividend income from its wholly-owned subsidiary. It had posted a net profit of ₹3,525.24 crore for the corresponding period of the previous fiscal, Strides Arcolab said in a filing to the BSE. The gains it made were from the completion of sale of its Agila Specialties Division to Mylan in December 2013 for $1.75 billion. This moved its exceptional income up which raked in ₹3,266 crore and ₹1,353 crore in dividend income. The figures are not strictly comparable as the company changed its year ending from December to March. Standalone total income stood at ₹241.78 crore for the December 2014 quarter against ₹253.37 crore for the same period a year ago.