Strides Pharma Records Q4 Profit, Announces Major Leadership Rejig

Strides Pharma Science Ltd reported a consolidated net profit of Rs 10.44 crore for Q4 ending March 2024, reversing a net loss of Rs 13.79 crore a year ago. The company also announced significant top management changes and achieved its highest-ever annual revenue, driven by growth in the US market.

Strides Pharma Science Ltd on Wednesday reported a consolidated net profit of Rs 10.44 crore in the fourth quarter ended March 2024.

The company, which posted a consolidated net loss of Rs 13.79 crore in the same quarter a year ago, announced a top management rejig with Executive Chairperson & Managing Director Arun Kumar designated as Executive Chairperson while Executive Director Finance & Group CFO Badree Komandur has been elevated as MD and Group CEO.

Consolidated total income in the quarter under review stood at Rs 1,070.49 crore as against Rs 1,013.49 crore in the same period a year ago, Strides Pharma Science said in a regulatory filing.

Total expenses in the fourth quarter were higher at Rs 984.21 crore as compared to Rs 972.26 crore.

The board has recommended a final dividend of Rs 2.50 per equity share of Rs 10 each for the financial year ended March 31, 2024, the filing said.

For the year ended March 31, 2024, the consolidated net loss was at Rs 94.31 crore as against Rs 212.33 crore in the previous fiscal.

In FY24, consolidated total income was at Rs 4,090.82 crore over Rs 3,778.71 crore in FY23.

Strides Pharma said it recorded its highest-ever full-year revenue in FY24 driven by growth in the US and other regulated markets.

''The US remains a key market for Strides, having achieved the higher end of the FY24 revenue outlook of USD 250 million, we are well poised to achieve the USD 400 million objective over the next 3 years,'' the company said in an investor presentation.

In other regulated markets, FY24 revenue was at USD 154 million, growing by 19.9 per cent year-on-year.

Strides said as part of the top management changes, Aditya Kumar currently Vice President of B2B Business will now be Executive Director - Business Development; Vikesh Kumar CFO - Front End Markets will become Group CFO & Chief Investor Relations Officer; and Surabhi Loshali, Senior Vice President HR has been elevated as Group CHRO.

''With today's leadership announcement, we have introduced a well-structured succession and leadership development programme, guided by the board. I am confident that the strong internal talent we have developed over the years will ensure the company's continued long-term growth,'' Strides Pharma Founder, Executive Chairperson & Managing Director Arun Kumar said.

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