In the first quarter of the current financial year (Q1YFY24), Strides Pharma reported a standalone net profit of Rs 8 crore, a significant improvement compared to the same quarter in the previous year (Q1FY23) when they incurred a standalone net loss of Rs 66.25 crore. This also indicates a sequential decline of 87.1% in net profit when compared to the last quarter (Q4FY23) when they recorded a net profit of Rs 62.3 crore.
In terms of revenue from operations, Q1FY24 saw an increase of 12.31 per cent, reaching Rs 475.3 crore, compared to Rs 423.19 crore in the same quarter last year (YoY). However, on a QoQ basis, the revenue declined by 15.65 per cent from Rs 563.5 crore in Q4FY23.
The total income for Q1FY24 was Rs 486.9 crore, showing a YoY growth of 13.07 per cent from Rs 430.6 crore.
Overall, Strides Pharma’s financial performance in Q1YFY24 has demonstrated improvement in net profit and total income compared to the same period last year, but there was a decline in net profit and revenue from operations when compared to the previous quarter (Q4FY23).
Over the period from FY20 to Q1FY24, Strides Pharma has the company successfully secured $58 million in MSAs (manufacturing services agreements), with an impressive $25.1 million secured in Q1FY24 alone.
The management of the company has expressed satisfaction with the strong start to FY24. It mentioned that Q1FY24 EBITDA reached historical highs, and the company remains on track to achieve its set targets for FY24 across all financial parameters.
The stock of Strides Pharma closed at Rs.446.00, 7.10% lower than previous close on NSE on Wednesday.