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Pharmaceutical company Strides Pharma Science announced Q3FY24 & 9MFY24 results:
- Reports quarterly Revenues of Rs 10,389 million in Q3FY24, up 20% YoY
- US Business reports its best-ever quarterly performance, Revenues at $67 million
- Consolidated EBITDA at Rs 1,950 million for the quarter, up 62% YoY, led by healthy Revenue & Gross margin expansion and among the Company’s best quarters on an absolute number basis
- Q3FY24 gross margins at 59.5%, absolute gross margin increase of Rs 1,165 million YoY
- Q3FY24 adjusted PAT at Rs 620 million
- Net Debt reduced by Rs 1,803 million during 9MFY24
- Net Debt to EBITDA improved to 3.0x, trending ahead on Net Debt to EBITDA target < 3x for FY24
Arun Kumar, Founder, Executive Chairperson & Managing Director, commented on the performance and said, “We are delighted to announce the sustained progress in our FY24 performance, highlighted by a robust Q3FY24, where we achieved a 20% YoY revenue growth and continue to grow our EBITDA over revenues. We are optimistic about delivering the upper range of our EBITDA Outlook for FY24, laying a strong foundation for the quarters ahead.
Our revenues have surpassed Rs 1,000 crore for two consecutive quarters with an Improved EBITDA performance predominantly driven by our US operations, which recorded its highest-ever revenue of $67 million in the quarter supported by the seasonality of our product portfolio. This performance underscores our strategic approach to product launches, prioritising profitable market share sustainability. While our other regulated markets continue to exhibit strong YoY growth our Access markets business remains lumpy. We remain committed to expanding our pipeline and venturing into new territories organically to ensure our growth trajectory in the quarters to come.
We are pleased to announce the successful divestment of our Singapore facility, thereby optimising our manufacturing network. The proceeds from this corporate action has been utilised for debt reduction enabling us to achieve a debt to EBITDA of under 3 ahead of our outlook. ”
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