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| Capitalstars Investment Advisor |
Strides Pharma jumps after turnaround Q1 result
Strides Pharma Science surged 8.6% to Rs 382.65 at 9:26 IST on the BSE after the company reported a consolidated net profit of Rs 3.70 crore in Q1 June 2019 as compared with a net loss of Rs 4.31 crore in Q1 June 2018.
The result was announced after market hours yesterday, 29 July 2019.
Meanwhile, the S&P BSE Sensex was up by 160.57 points or 0.43% to 37,847.33.
On the BSE, 1.38 lakh shares were traded in the counter so far compared with average daily volumes of 1 lakh shares in the past two weeks. The stock had hit a high of Rs 387.50 and a low of Rs 363.05 so far during the day. The stock hit a 52-week high of Rs 550.40 on 22 January 2019 and a 52-week low of Rs 337.85 on 24 July 2019.
Strides Pharma Science's consolidated net sales rose 45.08% to Rs 685.80 crore in Q1 June 2019 over Q1 June 2018. The company's consolidated earnings before interest tax depreciation and amortization (EBITDA) increased 155% to Rs 123.90 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin expanded to 18% in Q1 June 2019 from 10.2% Q1 June 2018.
Arun Kumar, CEO and managing director, Strides Pharma Science said that while the company is working to address all the issues with the FDA, its facilities at Singapore and Bengaluru have had favorable FDA audits recently, and all facilities remain available to meet growing demand.
Strides Pharma Science (STAR) is a global pharmaceutical company headquartered in Bangalore, India.
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