Sunday, December 29, 2024
Strides pharma declares 33% growth and 26% increase in revenue
Strides Pharma announced their Q4 results along with the FY20 financial results.According to the declaration to BSE company reported a strong performance in FY20 despite Ranitidine withdrawal from the US market.
The highlights of the performance as shared by the Company are as below
Adjusted FY20 revenues at ₹29,127 million with 33% YoY growth, Reported revenues grew by 26% FY20 Adjusted EBITDA at ₹6,514 million, translating into 22.4% EBITDA margins and YoY growth of 153% Reported EBITDA at ₹5,276 million delivering 19.1% EBITDA margins and 105% YoY growth Regulated markets clocked 47% revenue growth in FY20 US business meets higher end of FY20 guidance Adjusted for Ranitidine withdrawal, Q4FY20 performance in line with expectation board recommended dividend of ₹2/- per share resulting in the total dividend for the year at ₹14/- per share (140%)Commenting on the performance, Dr R Ananthanarayanan, CEO & MD, remarked, “The financial year 2020 has metall strategic and financial outcomes for Strides in spite of the unexpected US FDA direction to withdraw Ranitidine on the last day of FY20. While we have grown our revenues by 26% (33% Adjusted), our EBITDA has grown over two times, demonstrating over 740 basis point (1,070 basis point Adjusted) improvement in the margins.
We are also satisfied that the regulated markets continued its healthy track record and our US business met the upper end of our FY20 outlook, including the revenues from Ranitidine.We have entered into a new world order with Covid-19, the magnitude and scale of which remains indeterminate. We have maintained our agility and responsiveness to deal with this situation and are pursuing our commitment to 3Psviz- Patients, People and Purpose. We are determined to play a substantial role in society by bringing affordable andquality healthcare to millions of people around the globe. We strongly believe that our businesses will maintaintraction and would grow significantly to culminate into a healthy financial outcome for Strides in FY21.”
Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is a global
pharmaceutical company headquartered in Bangalore, India. The Company mainly operates in the regulated
markets and has an “in Africa for Africa” strategy along with an institutional business to service donor-funded
markets. The Company’s global manufacturing sites are located in India- Bangalore (two sites), Pondicherry, and
Chennai, Singapore, Italy- Milan, Kenya- Nairobi and US-Florida. The Company focusses on “difficult to manufacture”
products that are sold in over 100 countries
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