Pharmaceuticals firm Strides Pharma Science Announced Q1FY23 Result :

• Strides reports an improved Q1FY23 with visible growth momentum
• Consolidated revenues at Rs 9,457m up 37% YoY
• Consolidated EBITDA at Rs 657m up 100%+ YoY with healthy EBITDA margin expansion
• Key businesses deliver steady performance, cost control measures yielding results
• Levers in place to deliver a strong performance in FY23 with improved profitability and a stronger balance sheet

Commenting on the performance, Arun Kumar, Founder, Managing Director, and Executive Chairperson remarked, “We have started the new fiscal on a healthy note. Our strategy is now gaining traction across the front-end and partner-led businesses. Our customer engagement and strong order inflows give us confidence for even a more robust near-term performance as we progress forward.

The US business has maintained growth during the quarter. However, Chestnut Ridge portfolio customer transition led to a spill of $5m to the current quarter. Adjusted for the same, the revenues in the US were at $51m with the adjusted consolidated EBITDA at ~ Rs 820m. The transition completed on 21st July and we are confident of a healthy ramp-up for the US business driven by improved performance in the base business and new launches from the combined portfolio of approved products to meet our stated growth outlook in the US. Although the Other Regulated markets witnessed a sequential decline due to currency headwinds, the long term outlook for the business remains steady. Our Emerging markets maintained the business trend, and we remain invested in the opportunity.

One of the key drivers for performance this year will be our focus on cost controls. I am pleased to share that we are tracking to the plan on our control programs, and some of the major decisions taken over the last few months have started to yield savings. We remain aggressive on cost curtailment, including a significant focus around our manufacturing network optimization. With all levers in place, we are confident to deliver a strong performance in FY23 with significantly improved profitability and a stronger balance sheet.”

Result PDF