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Other income has boosted Strides Arcolab's net profit to Rs 642.19 crore in the first quarter of this calendar compared with Rs 45.08 crore in same period last year.
The pharma company recently sold some of its subsidiaries, which led to higher profits for the company.
The company's consolidated revenues for the quarter is also up 8.2 per cent to Rs 527.47 crore. EBIDTA for the quarter is higher at Rs 137 crore and EBITDA margin is 26 per cent, which includes financials for the 24 days of Australasian operations which was later sold. EPS stood at Rs 10.43.
Mr Arun Kumar, Vice-Chairman and Group CEO, Strides Arcolab said, “The quarter's strong operational performance in both specialties and pharma businesses reflect the company's strongly articulated niche IP-led strategy. Agila's performance is driven by significant operating leverage and ramp up in capacity utilization with continued regulatory approval momentum.”
The company has acquired Star Drugs' manufacturing facility based out of Chennai. The facility which is USFDA approved, makes liquid injectables.
Star Drugs' USFDA approved status will add 97 million vials of additional liquid injectable capacity available for commercial supplies effective third quarter this year. With the addition of this new site, the company's subsidiary Agila has secured significant future capacities.
“We expect filing momentum to continue with focus on key geographies with about 50 US ANDA filings from Agila and pharma businesses. Agila will continue to focus on expanding regulatory filings in established markets like Canada, Australia and Europe, while pharma would focus on niche US product filings,” he added.
Operational revenues grew by 103 per cent to Rs 274 crore (Rs 135 crore in Q1'11) with EBITDA margin of 26 per cent.
The company in a release said, “it will be a lumpy quarters going forward, given the industry dynamics and Agila's early phase of product introductions in the US market. Whereas Brazilian operations delivered positive EBITDA during the quarter; the company is cautiously optimistic on its turnaround and will provide periodic updates.”
Operational revenues excluding divested operations grew 48 per cent to Rs 157 crore (Rs 106 crore in Q1'11) with EBITDA margin at 19 per cent.
Pharma delivered a strong performance, displaying higher EBITDA margins post divestment of low margin Ascent Australasia operations.
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