Strides Pharma posts consolidated net loss at Rs 82 crore in Q3
New Delhi: Strides Pharma Science has reported a consolidated net loss of Rs 82 crore for the third quarter ended December 31, 2022.
The drug firm had reported a net loss of Rs 127 crore in the October-December quarter of previous fiscal.
Revenue from operations rose to Rs 865 crore for the quarter under review as against Rs 794 crore in the year-ago period, the company said in a regulatory filing.
On a standalone basis, the company reported a net profit of Rs 12 crore as against a net loss of Rs 18 crore in the year-ago period, it added.
The Bengaluru-based firm said the profit during the quarter was impacted by loss from JV and associates on account of inventory write off related to Covid portfolio.
"We continue to focus on a profitable outcome for the business and have, by design, let go of several low margin businesses," Strides Pharma Science Founder, Managing Director and Executive Chairperson Arun Kumar said.
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Strides, a global pharmaceutical company headquartered in Bengaluru, India, is listed on the BSE and National Stock Exchange of India Limited (STAR). The Company mainly operates in the regulated markets and has an "in Africa for Africa" strategy and an institutional business to service donor-funded markets. The Company's global manufacturing sites are located in India (Chennai, Puducherry, and two locations in Bengaluru), Singapore, Italy (Milan), Kenya (Nairobi), and the United States (New York).
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