Strides Pharma Science net loss narrows to Rs 9 cr in Q1

New Delhi: Strides Pharma Science on Wednesday reported narrowing of consolidated net loss at Rs 9.36 crore for the first quarter ended June 30, 2023.

The company had posted a net loss of Rs 135.33 crore for the year-ago period, Strides Pharma Science said in a regulatory filing.

Revenue from operations in the period under review stood at Rs 929.99 crore as compared to Rs 940.07 crore in the year-ago period.

Total expenses were lower at Rs 899.41 crore as compared to Rs 994.86 crore earlier, the company said.

"The regulated markets grew by 25 per cent year-on-year (YoY) with the US growing by 32 per cent YoY and Other Regulated markets growing by 15 per cent YoY. The growth is driven by a disciplined approach on product launches and sustainable market share on existing products," Strides Pharma Science Founder, Managing Director, and Executive Chairperson, Arun Kumar said.

Emerging markets' performance had a slow start and is expected to gain traction during the year, he added.

In a separate filing, the company said its board has approved the merger of its wholly-owned arm Vivimed Life Sciences with itself.