Strides Pharma Q3 net profit declines 62 per cent to Rs 35 cr

Strides Pharma Science has reported a 61.93 per cent decline in consolidated net profit to Rs 35.15 crore for the quarter ended December 31, 2020.

The company had posted a net profit of Rs 92.33 crore for the corresponding period of the previous fiscal, Strides Pharma Science said in a regulatory filing.

Consolidated revenue from operations stood at Rs 832.02 crore for the quarter under consideration. It was Rs 732.43 crore in the same period a year ago.

The company also announced strengthening of its global executive management team to sharpen its focus on key business growth areas.

Terrance Coughlin as CEO for the US business, and Rahul Garella as chief commercial officer for international market (he will be responsible for all markets other than the US) will assume their positions at Strides beginning March 2021, the filing said.

In a separate filing, Strides Pharma said its board has approved in principle the demerger of its biotech business under Stelis Biopharma. The demerger is expected to unlock significant value for Strides shareholders.

The board will form a committee of directors to explore various options of value discovery, including listing of the business on a standalone basis.

The committee will recommend the proposals to the audit committee, committee of independent directors and board, including the scheme, swap ratio and way forward, the filing said.

Former HDFC Bank MD Aditya Puri, who has joined Stelis Biopharma board, will be the chairman of the board, it added.