Strides records revenue of Rs 40,555 million in FY24, YoY growth of 14.4%

New Delhi: For the fiscal year 2024, Strides Pharma Science Ltd achieved record revenue of ₹40,555 million, reflecting a 14.4% increase year-on-year (YoY). 

The company’s EBITDA also soared to an unprecedented ₹7,477 million, up 77.6% YoY. The US business contributed significantly to this performance, reaching the top end of the $250 million revenue outlook for FY24 with an 11.8% YoY growth.

In the fourth quarter of FY24, Strides recorded its highest-ever quarterly revenue of ₹10,583 million. The gross margin for this period also reached a historic high of 60.7%, with gross margins totalling ₹6,421 million. Additionally, the company achieved its highest-ever quarterly EBITDA of ₹2,040 million. Throughout FY24, Strides managed to reduce its net debt by ₹3,131 million, improving its net debt to EBITDA ratio to 2.72x. 

Regarding its OneSource initiative, the incumbent biologics business reported positive EBITDA for the first time in Q4FY24. Strides SGC and Steriscience businesses, which are proposed to merge into OneSource, delivered on-track FY24 EBITDA performance. On May 21, 2024, the company received “No objection” from NSE and BSE for the OneSource listing, with a filing with the NCLT expected to be completed in Q1FY25.

Arun Kumar, Founder, Executive Chairperson, and Managing Director of Strides, commented, “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.”

He added, “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”.

Strides’ Q4FY24 performance saw revenue reach ₹10,583 million, a 1.9% increase from the previous quarter and a 6.9% rise year-on-year. The gross margin stood at ₹6,421 million, marking a 4.0% increase from Q3FY24 and an 8.9% increase from Q4FY23. The gross margin percentage improved to 60.7% in Q4FY24 from 59.5% in the previous quarter and the same period last year. EBITDA for the quarter was ₹2,040 million, up 4.6% from Q3FY24 and 27.8% from Q4FY23. For FY24, revenues were ₹40,555 million, a 14.4% increase from the previous fiscal year, while gross margin was ₹24,150 million, up 19.3% YoY. EBITDA for the fiscal year was ₹7,477 million, a substantial 77.6% increase from FY23.