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Strides Pharma Stock Slumps After Q2 Results

The company reported a net loss of Rs 162.6 crore in July-September against a loss of Rs 205.2 crore in the preceding three months

<div class="paragraphs"><p>Tablets drop into a collection bin at&nbsp; a drug manufacturing unit.&nbsp; (Photographer: Andrey Rudakov/Bloomberg)</p></div>
Tablets drop into a collection bin at  a drug manufacturing unit.  (Photographer: Andrey Rudakov/Bloomberg)

Shares of Strides Pharma Ltd. tumbled the most in more than four months after the drugmaker reported a wider-than-expected loss in the quarter ended September.

The company reported a net loss of Rs 162.6 crore in July-September against a loss of Rs 205.2 crore in the preceding three months, according to an exchange filing. A consensus of analyst estimates compiled by Bloomberg had pegged the after-tax loss at Rs 57.1 crore.

Year-on-year, the company reported net profit of Rs 80.9 crore.

Highlights (QoQ)

  • Revenue stood at Rs 721.5 crore, up 5%, against the estimated Rs 772.9 crore.

  • The company reported operating losses of Rs 1.1 crore against a Rs 55.4-crore operating loss in the preceding quarter. The Bloomberg consensus estimated operating profit of Rs 38.8 crore.

Shares of Strides Pharma shed 8.68% in intraday trade. Of the seven analysts tracking the company, six maintained a 'buy' and one suggests a 'hold', according to Bloomberg data. The overall 12-month consensus price target implies an upside of 61.8%.