Strides Pharma Science Ltd. has published its consolidated financial results for the quarter (Q4FY24) and full year (FY24) ended March 31, 2024.

In the fourth quarter of the fiscal year 2024 (Q4FY24), the company reported revenues of INR 10,583 million, reflecting a quarter-on-quarter (QoQ) increase of 1.9 percent compared to INR 10,389 million in Q3FY24 and a year-on-year (YoY) increase of 6.9 percent compared to INR 9,904 million in Q4FY23. For the full fiscal year 2024 (FY24), revenues stood at INR 40,555 million, marking a 14.4 percent growth from INR 35,458 million in the fiscal year 2023 (FY23).

The gross margin for Q4FY24 was INR 6,421 million, showing a QoQ growth of 4.0 percent from INR 6,176 million in Q3FY24 and a YoY growth of 8.9 percent from INR 5,897 million in Q4FY23. For FY24, the gross margin was INR 24,150 million, representing a 19.3 percent increase from INR 20,246 million in FY23. The gross margin percentage for Q4FY24 was 60.7 percent, an increase of 122 basis points (bps) from 59.5 percent in Q3FY24 and 113 bps from 59.5 percent in Q4FY23. The annual gross margin percentage for FY24 was 59.5 percent, up 245 bps from 57.1 percent in FY23.

EBITDA for Q4FY24 was INR 2,040 million, reflecting a QoQ increase of 4.6 percent from INR 1,950 million in Q3FY24 and a significant YoY increase of 27.8 percent from INR 1,596 million in Q4FY23. For FY24, EBITDA was INR 7,477 million, an impressive growth of 77.6 percent from INR 4,210 million in FY23. The EBITDA percentage for Q4FY24 was 19.3 percent, up 51 bps from 18.8 percent in Q3FY24 and 316 bps from 16.1 percent in Q4FY23. For the full fiscal year, the EBITDA percentage was 18.4 percent, an increase of 656 bps from 11.9 percent in FY23.

It is noted that the FY23 numbers exclude the de-consolidated UCL, and the Adjusted PAT refers to the PAT from continuing operations without JV share and exceptional items, net of taxes.

Arun Kumar, Founder, Executive Chairperson & Managing Director, commented on the performance and said, “FY24 was an exceptional year for Strides, marked by the successful completion of our Reset strategy initiated in FY22. The company achieved all its key objectives laid down in our Reset strategy and has bounced back to become a strong and resilient company. As a result of our focus on consistent growth and cost containment, FY24 concluded as the best year in the Company’s history in terms of both Revenue and absolute EBITDA. With today’s leadership announcement, we have introduced a well-structured succession and leadership development program, guided by the Board. I am confident that the strong internal talent we have developed over the years will ensure the company's continued long-term growth. In the near term, we will continue to focus on operating cash flows while investing in growth to ensure that the efforts of our Reset are balanced by an improved revenue CAGR, in the coming years. Our ESG efforts have started to yield results, with our EcoVadis rating improving from 30 to 44 during the first year of review. We will continue to intensify our efforts to become a more sustainable and responsible company”.