Strides Arcolab Ltd profits are higher at Rs 31.57 crore on a standalone basis for the first-quarter this calendar year (2013) against a loss of Rs 28.15 crore last year.
The company’s net sales/income from operations increased by 22.8 per cent to Rs 161.34 crore in Q1 compared with Rs 131.38 crore in the same period last year, while EPS-basic stood at Rs 5.36 compared with (Rs 4.82) for the last year.
The company's financial year is January to December.
“The year 2013 has started on a promising note and we continue to be upbeat about our pharma business which is currently tracking ahead of guidance,” said Arun Kumar, Vice-Chairman and Group CEO.
The company said T.S. Rangan, Group CFO, has decided to quit so as to pursue post-doctoral study at Massachusetts Institute of Technology (MIT) and Harvard University. He will be a visiting fellow focusing on “Advanced Corporate Finance” with an investigation on study on “Corporate Governance”.
Pharma revenue up
The consolidated pharma business revenues grew by 47 per cent to Rs 235 crore in Q1 against Rs 160 crore during the same period last year.
The pharma business EBITDA grew to Rs 61 against Rs 23 crore last year.
The pharma firm has finalised an agreement with Bio-Xcell for establishing a customised biotech facility located in the Bio-XCell ecosystem in Nusajaya, Johor, Malaysia.
Its joint venture with Pfenex Inc to develop, manufacture and commercialise an initial pipeline of six biosimilar products for the global market is also ready.
The company has also acquired incremental stake in Inbiopro making it a wholly-owned subsidiary.
According to the regulatory requirements, Strides has 47 filings with the USFDA and 19 pending approvals.
The company is expecting 3-4 key approvals during the first half of this year.