Shares of Strides Pharma were trading 2% below on 30 October after the company announced its quarterly earnings for the July-September quarter.  

The company reported a net loss of Rs 131.34 crore for the quarter ending on 30 September against Rs 22.83 crore net profit reported in the year-ago quarter. 

In its regulatory filing, the company said, “The significant loss for the current quarter and half year ended 30 September has been on account of continuing operating losses, finance costs and others.”

The revenue from the operation of the company increased by 11.4% YoY at Rs 999.43 crore against Rs 897.10 crore reported in the same quarter of the previous fiscal year. 

The EBITDA (earnings before interest, taxes, depreciation and amortisation) of the company rose by 56.2% YoY to Rs 153.1 crore against Rs 98 crore reported in Q2 of the previous fiscal year. The EBITDA margin expanded to 15.3% during the quarter against 10.9% in the base period. 

The company added, “Levers are in place to deliver a strong performance in FY24 with improved profitability and a stronger balance sheet.”

Arun Kumar, Executive Chairperson and Managing Director, said, “We are pleased to report a strong Q2FY24, delivering YoY revenue growth of 21% and achieving our highest ever reported revenue and EBITDA. We remained focused on delivering consistent operating performance. We are on track to achieve the outlook we set out for FY24 at the beginning of this year on all financial parameters.”

The company has also allotted 55,350 equity shares with a face value of Rs 10 each to its eligible employees who have exercised their stock options under the Strides ESOP 2016 Plan.

At 3:30 pm, the shares of Strides Pharma closed 1.86% below at Rs 489 on NSE.