Strides Pharma Science Ltd posts consolidated loss of Rs. 205.2 crore

STRIDES PHARMA SCIENCE LIMITED has reported financial results for the period ended June 30, 2021.

Financial Results (Q1 FY 2021-22) - QoQ Comparison

The company has reported total income of Rs.701.89 crores during the period ended June 30, 2021 as compared to Rs.921.54 crores during the period ended March 31, 2021.

The company has posted net profit / (loss) of Rs.(205.2) crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.46.08 crores for the period ended March 31, 2021.

The company has reported EPS of Rs.(22.88) for the period ended June 30, 2021 as compared to Rs.5.14 for the period ended March 31, 2021.

Financials	Q1 FY2021-22	Q4 FY20-21	% Change
Total Income	₹ 701.89 crs	₹ 921.54 crs	-23.84%
Net Profit	₹ (205.2) crs	₹ 46.08 crs	-545.31%
EPS	₹ (22.88)	₹ 5.14	-545.14%

Financial Results (Q1 FY 2021-22) - YoY Comparison

The company has reported total income of Rs.701.89 crores during the period ended June 30, 2021 as compared to Rs.794.10 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.(205.2) crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.103.56 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.(22.88) for the period ended June 30, 2021 as compared to Rs.11.56 for the period ended June 30, 2020.

Financials	Q1 FY2021-22	Q1 FY2020-21	% Change
Total Income	₹ 701.89 crs	₹ 794.10 crs	-11.61%
Net Profit	₹ (205.2) crs	₹ 103.56 crs	-298.15%
EPS	₹ (22.88)	₹ 11.56	-297.92%

Commenting on the performance, Dr R Ananthanarayanan, Managing Director & CEO, remarked, "Q1FY22 has been a unprecedented quarter for Strides amidst multiple macro headwinds from the recent wave of Covid-19. This has led to significant disruptions both on the demand and supply side. The above headwinds have resulted in the company reporting an operating lossfor the first time ever. While we are witnessing near term challenges due to price erosions, we are taking a number of actionsto adapt to the new market realities.

We are excited to announce signing of a definitive agreement to acquire Endo's basket of ANDA's having limited competition including controlled substances, hormones, nasal sprays, liquids, modified release, gels and oral solids along with the US manufacturing site at Chestnut Ridge, New York. The acquired portfolio will help us significantly ramp up our new product launches. We are also undertaking various cost measures to improve our operating leverage. We are consolidating our West Palm Beach operations with site at Chestnut Ridge to deliver operational synergies. Size of the combined portfolio will help optimize R&D spends which will now be targeted towards building specialty products.

While the Other Regulated Markets delivered a weak quarter led by significant drop in prescriptions, price challenges in key markets and supply spills owing to Covid-19 impact at our manufacturing sites, our order book continues to remain robust and we expect a bounce back in Q2FY22.

With all the above actions we expect to see full recovery in H2FY22 driven by growth across all our businesses. We expect to end the year with a 10-15% revenue growth over US$ 215m reported in the US for FY21."

Shares of STRIDES PHARMA SCIENCE LIMITED was last trading in BSE at Rs. 776.45 as compared to the previous close of Rs. 784.4. The total number of shares traded during the day was 60332 in over 2396 trades.

The stock hit an intraday high of Rs. 791 and intraday low of 766.4. The net turnover during the day was Rs. 46784049.

Source : Equity Bulls

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