Strides Pharma, on Wednesday, announced its fiscal fourth-quarter results, showcasing robust performance with a significant turnaround in profitability. The company reported a profit of Rs 18.18 crore for Q4FY24, marking a notable improvement compared to the loss of Rs 9.54 crore reported during the same period of the previous fiscal year. Revenue from operations stood at Rs 1084.04 crore, reflecting a healthy growth of 9.9% year-on-year from Rs 986.37 crore in the fourth quarter of FY23. This revenue surge was primarily driven by strong performance in the US markets and growth markets.
Strides Pharma also disclosed that it achieved its highest-ever EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 230 crore during the quarter, representing a remarkable 48% increase compared to the previous year. The company attributed this stellar performance to its strategic initiatives and focus on consistent growth and cost containment.
For the full fiscal year FY24, Strides Pharma posted its highest-ever revenue at Rs 4055.50 crore, marking a robust 14.4% year-on-year growth. The EBITDA for FY24 stood at Rs 747.70 crore, registering an impressive growth of 77.6% year-on-year. Notably, the US business achieved the top end of its $250 million revenue outlook for FY24, demonstrating an 11.8% year-on-year growth.
Arun Kumar, Founder, Executive Chairperson & Managing Director of Strides Pharma, expressed his satisfaction with the company’s exceptional performance in FY24. He highlighted the successful completion of their Reset strategy initiated in FY22, which paved the way for Strides Pharma to emerge as a strong and resilient entity. Kumar also announced a well-structured succession and leadership development program, emphasizing the company’s commitment to long-term growth.
With a focus on operating cash flows and strategic investments for sustained growth, Strides Pharma aims to maintain its momentum and deliver improved revenue performance in the coming years. The company’s board has recommended a final dividend of Rs 2.50 per equity share for the financial year ended March 31, 2024, underscoring its commitment to shareholder value creation.
