Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its Q4 and FY20 results.
- Reports strong performance in FY20 despite Ranitidine withdrawal from the US market
- Adjusted FY20 revenues at Rs. 29,127 million with 33% YoY growth, Reported revenues grew by 26%
- FY20 Adjusted EBITDA at Rs. 6,514 million, translating into 22.4% EBITDA margins and YoY growth of 153%
- Reported EBITDA at Rs. 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
- Recommends dividend of Rs. 2/- per share resulting in the total dividend for the year at Rs. 14/- per share (140%)
Commenting on the performance, Dr R Ananthanarayanan, CEO & MD, remarked, "The financial year 2020 has met all 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 3Ps viz- Patients, People and Purpose. We are determined to play a substantial role in society by bringing affordable and quality healthcare to millions of people around the globe. We strongly believe that our businesses will maintain traction and would grow significantly to culminate into a healthy financial outcome for Strides in FY21."
Shares of Strides Pharma Science Ltd was last trading in BSE at Rs.421.05 as compared to the previous close of Rs. 414.65. The total number of shares traded during the day was 237320 in over 5057 trades.
The stock hit an intraday high of Rs. 432.25 and intraday low of 414.75. The net turnover during the day was Rs. 100218281.