Feb 27, 2009

Strides Arcolab spurts on healthy FY 2008 results

26 Feb 2009 | 12:27 Strides Arcolab spurts on healthy FY 2008 results

Meanwhile, the BSE Sensex was down 92.66 points, or 1.04%, to 8,809.90.

On BSE, 2.18 lakh shares were traded in the counter. The stock had an average daily volume of 26,446 shares in the past one quarter.

The stock hit a high of Rs 78 and a low of Rs 71 so far during the day. The stock hit a 52-week high of Rs 216.50 on 7 May 2008 and a 52-week low of Rs 62.35 on 16 February 2009.

The small-cap stock had underperformed the market over the past one month till 25 February 2009, falling 7.31% as compared to the Sensex's rise of 2.63%. It had also underperformed the market in the past one quarter, declining 32.60% as compared to the Sensex's 2.38% rise.

The company's current equity is Rs 40.05 crore. Face value per share is Rs 10.

The company's total income rose 53.49% to Rs 661.91 crore in the year ended December 2008 over the year ended December 2007. The company announced the results before market hours today, 26 February 2009.

On a consolidated basis, the company reported a net profit of Rs 104.09 crore in the year ended December 2008 as compared to net loss of Rs 51.65 crore in the year ended December 2007. Net sales rose 47.91% to Rs 1126.37 crore in the year ended December 2008 over the year ended December 2007.

The company has incurred a foreign exchange loss of Rs 184.19 crore for the year ended December 2008. However, the company booked gains on restatement of hedged investments of Rs 92.34 crore and it also gained Rs 45.22 crore as changed in fair value of foreign currency convertible bonds (FCCBs).

Strides Arcolab had in January 2009 received approval from US Food & Drug Administration (US FDA) for two more sterile products, taking the total product approvals to 14. The products are licensed to Akorn-Strides LLC, a joint venture between the company and Akorn Inc.

The company manufactures ethical pharmaceutical products, over the counter (OTC) products and nutraceuticals. It performs its activities through two segments, pharma and contract research and manufacturing (CRAM).

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