Q3FY22 Quarterly Result Announced for Strides Pharma Science Ltd.
Strides Pharma Science announced Q3FY22 results: Q3FY22 Consolidated revenues at Rs 7,968m up 8% QoQ with a flat EBITDA Stelis achieves its first ever operational breakeven in Q3FY22 Standalone operating revenue of INR 618 million delivering an EBITDA of 8% at INR 50m Commenting on the performance, Dr R Ananthanarayanan, Managing Director & CEO, remarked, “In Q3FY22, while we have delivered an 8% sequential revenue growth for our business, operating leverage continues to be subdued. Our US business has returned to growth after two quarters of decline, growing 13% QoQ to $38m in Q3FY22. We completed the acquisition of Chestnut ridge site in the US during the quarter and the integration is on track. Chestnut Ridge facility also completed a successful FDA inspection that ended on February 8, 2022 with 2 minor observations. While the site contributed to revenues only for a few days during the quarter, the plant related operating cost were part of our P&L; starting October’21 leading to some level of negative operating leverage during the quarter. We expect the growth momentum in the US to pick up in coming quarters driven by new product launches from the combined portfolio. Our performance in the other regulated markets continues to be steady and we are seeing healthy traction across our key markets. We continue to focus on expanding our product offering in these markets to drive the next leg of growth. The emerging markets performance during the quarter was driven by our institutional business with healthy procurement from our partners. Our cost initiatives have started yielding results and we have witnessed improvements in our base cost structures QoQ. As we further scale our businesses across regions, we expect improvement in operating leverage in coming quarters.” Result PDF10-02-2022