Strides Arcolab Posts Multifold Jump in Q2 Profit at Rs 338 Crore

New Delhi: Drug firm Strides Arcolab on Friday posted a multifold increase in standalone net profit at Rs 338.47 crore for the second quarter of the current fiscal year (2014-15), on the back of an exceptional dividend income of Rs 397.47 crore.

The company had posted a net profit of Rs 2.21 crore for the corresponding quarter a year ago.

Net sales rose to Rs 201.35 crore for the quarter under review from Rs 199.18 crore in the year-ago period, Strides Arcolab Ltd said in a statement.

The company said dividend income from non-current investment in wholly-owned subsidiaries was at Rs 397.47 crore during the quarter.

Also, exchange losses came down to Rs 7.97 crore during the quarter from Rs 11.86 crore in the year-ago period, it added.

"We continue to see positive results on our calibrated approach to product selection and margin maximisation across our businesses," Strides Arcolab founder and group CEO Arun Kumar said.

With the company's recently commissioned R&D infrastructure for both the pharma and biotech business, the firm will achieve momentum of products filing in the near term, he added.

"Additionally our announced merger with Shasun, on completion, will accelerate our growth and strategy," Mr Kumar said.

Shares in Strides Arcolab, on Friday, ended at Rs 675.50 apiece on the BSE, up 1.33 per cent from the previous close.