Strides Pharma Science Q1 results: Net profit jumps over 4-fold to Rs 102 cr

NEW DELHI: Drug firm Strides Pharma Science on Wednesday reported over four-fold rise in its consolidated net profit at Rs 101.84 crore for the quarter ended June 30, 2020, mainly on account of a one-time gain.

The company had posted a net profit of Rs 25.36 crore in the corresponding period of the previous fiscal, Strides Pharma Science said in a filing to the BSE.

Total income of the company stood at Rs 794.10 crore in the quarter under consideration. It was at Rs 696.05 crore in the same period a year ago.

The company had a gain of Rs 44.91 crore, shown as an exceptional item, in the quarter ended June this year.

"We have reported strong performance across all our business in Q1 FY21 despite significant disruptions and ambiguity in the business environment due to COVID-19," Strides Pharma Science MD & CEO R Ananthanarayanan said.

"While our manufacturing and supply chain continue to remain steady without any significant disruptions, we remain cautiously optimistic on the outlook of our business for the year as the operating environment continues to evolve," he added.

Shares of Strides Pharma Science on Wednesday closed 14.22 per cent higher at Rs 534.50 per scrip on the BSE.