Strides Arcolab posts Rs 338 crore profit in Q2

NEW DELHI: Drug firm Strides Arcolab today posted multifold growth in standalone net profit at Rs 338.47 crore for the second quarter of current fiscal on the back of an exceptional dividend income of Rs 397.47 crore.

The company had posted a net profit of Rs 2.21 crore for the same period of the previous fiscal.

Net sales rose to Rs 201.35 crore for the second quarter of this year from Rs 199.18 crore in the same period of the previous year, Strides Arcolab Ltd said in a statement.

The company said dividend income from non-current investment in wholly-owned subsidiaries was at Rs 397.47 crore during the quarter.

Also exchange losses came down to Rs 7.97 crore, during the quarter from Rs 11.86 crore in the year ago period, it added.

"We continue to see positive results on our calibrated approach to product selection and margin maximisation across our businesses," Strides Arcolab Founder and Group CEO Arun Kumar said.

With the company's recently commissioned R&D infrastructure for both the pharma and biotech business, the firm will achieve momentum of products filing in the near term, he added.

"Additionally our announced merger with Shasun, on completion, will accelerate our growth and strategy," Kumar said.

Strides Arcolab shares today closed at Rs 675.50 apiece on the BSE, up 1.33 per cent from its previous close.