Strides reports best-ever full-year performance for FY24

Strides declares a final dividend of  ₹2.5 per share 

FY2024 Performance Highlights

• Highest ever full-year Revenue of ₹40,555 million in FY24, up 14.4% YoY
• Highest ever full-year EBITDA of ₹7,477 million in FY24, up 77.6% YoY
• US business achieved top end of $250 million revenue outlook for FY24, grew by 11.8% YoY 
• Net Debt reduced by ₹3,131 million in FY24
• Net Debt to EBITDA improved to 2.72x in FY24

Q4FY2024 Performance Highlights

• Highest ever quarterly Revenue of ₹10,583 million
• Gross Margin returned to a historic high of 60.7% in Q4FY24
• Highest ever quarterly EBITDA of ₹2,040 million

OneSource Update

• Incumbent Biologics business recorded positive EBITDA for the first time in Q4FY24, net of one-time expenses
• Delivered on-track FY24 EBITDA performance for Strides SGC and Steriscience businesses proposed to merge into OneSource
• Received “No objection” from Stock Exchanges (NSE and BSE) on 21^st May’24 for OneSource listing; Filing with NCLT to be completed in Q1FY25

Bangalore, India, May 22, 2024 – Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its consolidated financial results for the quarter (Q4FY24) and Full Year (FY24) ended March 31, 2024.

Financial Highlights (In ₹ m)

Particulars	Q4FY24	Q3FY24	QoQ	Q4FY23	YoY	FY24	FY23*	YoY
Revenues	10,583	10,389	1.9%	9,904	6.9%	40,555	35,458	14.4%
Gross Margin	6,421	6,176	4.0%	5,897	8.9%	24,150	20,246	19.3%
Gross Margin %	60.7%	59.5%	122bps	59.5%	113bps	59.5%	57.1%	245bps
EBITDA	2,040	1,950	4.6%	1,596	27.8%	7,477	4,210	77.6%
EBITDA %	19.3%	18.8%	51bps	16.1%	316bps	18.4%	11.9%	656bps

¹ Adjusted PAT = PAT from continuing operations without JV share and exceptional items (net-off taxes)

* FY23 numbers are excluding de-consolidated UCL

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”.