Strides Pharma Science Ltd share Price Today

Pharmaceuticals company Strides Pharma Science announced Q1FY24 results:

• Reports quarterly sales of Rs 9,320 million in Q1FY24, down 1% YoY
• Q1FY24 gross margins at 58.7%, absolute gross margin increase of Rs 729 million YoY
• Consolidated EBITDA at Rs 1,686 million, up 100% YoY with healthy EBITDA margin expansion
• Significant optimization of operating costs resulted in improved operating leverage
• Key businesses deliver steady performance, and cost control measures yielding results
• Levers in place to deliver a strong performance in FY24 with improved profitability and a stronger balance sheet

Arun Kumar, Founder, Managing Director, and Executive Chairperson, commented on the performance and said, “We are pleased to report a strong start to FY24, with Q1FY24 EBITDA reaching historical highs. Our focus on profitability and efficiency is witnessed in the results as we expanded EBITDA margins by 200 bps QoQ and generated strong operating cash flows. We are on track to achieve the targets we set out for FY24 at the beginning of this year on all financial parameters.

The Regulated markets grew by 25% YoY with the US growing by 32% YoY and Other Regulated markets growing by 15% YoY. The growth is driven by a disciplined approach to product launches and sustainable market share on existing products. The emerging markets' performance had a slow start and is expected to gain traction during the year.

We are confident of sustaining the momentum in performance driven by continuous improvement in the quality of business and delivering a strong cash generation going forward.”

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