Shares of Strides Pharma Science rose 10 percent in the early trade on July 30 after the company reported a profit in the June quarter results and entered into a joint venture with a Chinese firm.
The company has posted a net profit at Rs 3.7 crore in Q1FY20 versus a loss of Rs 4.3 crore in the same period last year.
Revenue of the company was up 45 percent at Rs 685.8 crore versus Rs 472.7 crore.
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Earnings before interest, tax, depreciation and amortization (EBITDA) gained 171 percent at Rs 120.9 crore and the margin was up 820 bps at 17.6 percent.
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The board of directors approved an interim dividend of Rs 12 per equity share of Rs 10 each.
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Company's step down subsidiary Strides Pharma Global Pte, Singapore (SPG) has entered into a joint venture (JV) with Sun Moral International (HK), a wholly-owned subsidiary of Sihuan Pharmaceutical Holdings Group Ltd (Sihuan), one of China’s leading pharmaceutical companies.
The board of directors also approved the scheme of amalgamation for the merger of Arrow Remedies, Fagris Medica and Strides Emerging Markets with the company.
Arrow Remedies, Fagris Medica and SEML are, directly or indirectly, wholly-owned subsidiaries of the company.
The scheme is subject to necessary statutory and regulatory approvals including the approvals of National Company Law Tribunal, the shareholders and creditors of each of the companies.
At 0926 hrs Strides Pharma Science was quoting at Rs 383.05, up Rs 30.70, or 8.71 percent on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more. First Published on Jul 30, 2019 10:01 am