Strides Shasun Q4 net loss at Rs4.40 crore, shares tank 23%
Strides Shasun had posted a net profit of Rs91.59 crore in the March quarter of 2016-17
New Delhi: Drugmaker Strides Shasun Ltd on Friday reported a consolidated net loss of Rs4.40 crore from the continuing operations. The company had posted a net profit of Rs91.59 crore for the same period a year ago.
Consolidated revenue from continuing operations stood at Rs664.15 crore, down from Rs 677.13 crore in the same period a year ago.
For the fiscal year ended 31 March 2018, Strides Shasun posted a consolidated net profit of Rs70.22 crore. It was Rs279.71 crore in the year-ago period. Consolidated revenue from continuing operations for FY18 stood at Rs2,839.38 crore. It was Rs2,755.44 crore for the previous fiscal year.
“The financial year 2017-18 was a difficult year for Strides. While we continue to build momentum with our strategy, our execution was far from satisfactory,” Strides Shasun Group CEO and MD Arun Kumar said. In 2018-19 company’s clear focus will be on the improving the quality of growth which will deliver a strong bounce back in the second half of financial year 2018-19, he added.
On Friday, shares of Strides Shasun tanked 23.03% to close at Rs387.10 per scrip on the BSE.