Strides Pharma Sciences Limited, impacted by Covid-19-induced intermittent shutdowns that affected manufacturing and supply of products from India, has posted 45.75 per cent lower profits for the period to ₹76.98 crore on a consolidated basis for the second quarter (Q2) of fiscal 2020-21 compared to ₹141.90 crore posted in the same period last year.
The company’s total income was up 10.76 per cent for Q2 at ₹806.42 crore against ₹728.07 crore posted last year. EPS for Q2 stood at ₹7.39 compared to ₹14.95 posted last year.
Commenting on the performance, Dr R Ananthanarayanan, Managing Director & CEO, Strides Pharma Sciences, said, “We faced continued challenges in the market due to reduced footfalls, lower elective surgeries and lower prescription rates. Despite Covid-19-related challenges, the company has delivered a steady Q2FY21 performance that highlights the resilience of our diversified business model.”
“Our US front-end continues to see sequential growth, up 8 per cent quarter-on-quarter driven by market share gains in key products. While we have witnessed slowdown during the current quarter in the other regulated markets, the long-term outlook for these markets continues to be robust. Our reset strategy in emerging markets is playing out well and we continue to see green shoots in that business,” he added.