Strides Arcolab Q4 net profit up 4.54% to Rs 45.08 crore

NEW DELHI: Drug firm Strides Arcolab today said its consolidated net profit rose by 4.54 per cent to Rs 45.08 crore for the first quarter ended March 31, 2011, riding on the back of robust growth in its specialty business.

The company's total income rose to Rs 497.31 crore for the first quarter ended March 31, 2011, compared to Rs 381.52 crore in the same period last year, Strides Arcolab said in a statement.

"In the backdrop of a strong Q1, 2011, the recent US FDA approval for the new state-of-the-art sterile facility in Bangalore and the first approval for an oncology product from Europe, we expect a further scale up in our growth momentum, particularly in the specialty business," Strides Arcolab Ltd Vice Chairman & Group CEO Arun Kumar said.

The company's specialty business grew by 93 per cent vis-a-vis the corresponding period last year, the company said.

In the quarter, company received approval from the US Food and Drug Administration (USFDA) for its new sterile injectable facility in Bangalore.

It also received USFDA approval to market Vancomycin (lyophilised format) and another liquid injectable product from the new facility.

Shares of Strides Arcolab were being quoted at Rs 394.50 apiece on the Bombay Stock Exchange in late afternoon trade today, down 0.57 per cent from their previous close.