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Strides Arcolab Q4 net profit spikes

Strides Arcolab today said its consolidated profit surged to Rs 68.41 crore.

Written by Agencies | New Delhi | Published: February 27, 2012 7:12:24 pm

Drug firm Strides Arcolab today said its consolidated profit surged to Rs 68.41 crore for the fourth quarter ended December 31,on forex gains and robust sales across pharma and specialities divisions.

The company had posted profit after minority interest of Rs 2.28 crore for the quarter in 2010.

It registered foreign exchange gain of Rs 59.83 crore,as against forex loss of Rs 4.95 crore on account of exchange fluctuation in the corresponding quarter in 2010,Strides Arcolab said in a statement.

Total consolidated income of the company was Rs 698.21 crore for the quarter,as against Rs 465.39 crore in Q4 the previous year.

The company’s board,which met today has also recommended a dividend of Rs 2 per share (20 per cent) for the year ended December 31.

For the year,Strides posted consolidated profit of Rs 224.47 crore,as compared to Rs 122.44 crore in the year-ago period.

Total income of the company also rose to Rs 2,576.93 crore in 2011,from Rs 1,761.06 crore in 2010.

Srides Arcolab Vice-Chairman and Group CEO Arun Kumar said: “With significant plant and product approvals,year 2011 has been testimonial to our focus and vigour in compliance in a challenging regulatory landscape”.

During the year,its division ‘Agila Specialities’ received approval from the US health regulator for its two new facilities in Bangalore,Strides said.

Performance of the division was also boosted by new products launches during the year,it added.

In the pharma segment,which contributes 60 per cent of revenues of the group,the firm completed regulatory audits by United States Food and Drug Administration (USFDA),UK Medicines and Healthcare products Regulatory Agency (MHRA) and the World Health Organisation (WHO).

In the Australasia region,the pharma business of the firm grew by 44 per cent in the year 2011 over 2010.

During the year,the company received 27 approvals from the US health regulator in 2011 and filed 76 product filings in other established markets.

Shares of Strides Arcolab today closed at Rs 533.85 on the BSE,down 1.52 per cent from previous close.

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