Drug firm Strides Arcolab has reported a 15 fold jump in its consolidated net profit to Rs 642.07 crore for the first quarter ended March 31, 2012, primarily on the back of its entire stake sale in Australian arm Ascent Pharmahealth. The company had posted a net profit of Rs 40.71 crore in the same period last year.
The company’s net sales, on consolidated basis, stood at Rs 539.60 crore for the first quarter ended March 31, 2012, as against Rs 497.31 crore in the same period previous year.
On a standalone basis, the company posted a net loss of Rs 28.16 crore for the first quarter. It had posted a net profit of Rs 12.74 crore in the same period last year.
Strides Arcolab is a global pharmaceuticals headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceuticals products with an emphasis on sterile injectables.
