Strides Arcolab Ltd. reported fourth-quarter stand-alone net profit of Rs.73.93 crore, compared with Rs.155.77crore for the quarter ended December 31, 2011, registering a 53 percent decline.
Results for the quarter included a one-time charge of Rs.0.13 crore, compared with a gain of Rs.85.00 crore, under exceptional items, towards exchange fluctuations.
Its quarterly net sales stood at Rs.152.09 crore, down by 23 percent from the Rs.197.80 crore in the corresponding quarter of the preceding year, while other operating income amounted to Rs.25.35 crore, compared with Rs.30.92 crore in Q4FY11. Other income for the quarter was Rs.83.87 crore, compared with Rs.13.58 crore in the year-ago quarter.
For the fiscal year, its stand-alone net profit fell by 53 percent to Rs.55.99 crore from the Rs.117.92 crore in 2011. Total income from operations, including other operating income and other income, was Rs.830.91 crore, up by eight percent from the Rs.769.22 crore last year.
On a consolidated basis, the company reported fourth-quarter net profit, after minority interest, of Rs.61.19 crore, compared with Rs.68.41 crore in the year-ago quarter, reflecting a 11 percent drop. Total net income income from operations and other income fell by seven percent to Rs.650.63 crore from the Rs.699.95 crore in Q4FY11.
For the fiscal year, its consolidated net profit rose more than trebled to Rs.846.24 crore from the Rs.224.48 crore in 2011. Total net income from operations, including other operating income and other income, was Rs.2,365.67 crore, down by nine percent from the Rs.2,581.71 crore last year.
The company's board recommended a dividend 20 percent of Rs.2.00 per equity share of Rs.10 each for the fiscal year 2012 and the dividend will be paid on June 05, 2013.
Guidance 2013
Consequent to the sale of Agila Specialties division, the company continues tits guidance for the specialties business. The pharma business will continue to demonstrate significant growth for Strides through launch of new products in the US market. EBITDA is expected to double to around Rs.200 crore in 2013, compared to Rs.103 crore in 2012, a significant margin expansion on revenues of around Rs.1,000 crore.
Vice Chairman & Group CEO Arun Kumar said, "2012 has been a satisfying year magnified by leverage in both Agila and pharma businesses with continued compliances across all manufacturing facilities globally and a profound regulatory filing programme."
At the BSE, Strides Arcolab shares are currently trading at Rs.906.00, down 7.98 percent from the previous close.
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