Strides Q4 net jumps to Rs 3,525 crore on investment sale

Strides Arcolab on Friday reported an over 47-fold rise in standalone net profit at Rs 3,525.24 crore for the fourth quarter that ended in December 2013, on account of sale of its long-term investment.

The drug firm had posted a standalone net profit of Rs 73.93 crore in the corresponding quarter of 2012, it said in a filing to the BSE.

Strides garnered Rs 3,265.52 crore in the December quarter from sale of its long-term investment, the statement said.

It also gained Rs 27.12 crore during the quarter on account of currency fluctuation, as against a loss of Rs 12 lakh during the corresponding period quarter of the previous year, it said.

Net sales of the company stood at Rs 240.24 crore for the quarter, as against Rs 152.09 crore in the year-ago period.

For the entire year 2013, Strides Arcolab standalone net profit jumped 63-fold to Rs 3,561.18 crore as against Rs 55.98 crore a year ago.

Net sales in FY13 also rose to 751.59 crore from Rs 613.26 crore in the financial year ended December 31, 2012.

Shares in Strides Arcolab, on Friday, ended at Rs 369.35 apiece on the BSE, down 2.69 per cent from the previous close.