Stride Arcolab net profit dips by 80% to Rs 10.5 cr in Q1

Bangalore-Stride Arcolab has generated lower consolidated net profit of Rs 10.50 crore during the first quarter ended March 2009 as against Rs 52.6 crore in the corresponding period of last year, a fall of over 80 per cent mainly due to devaluation of local currencies. Its consolidated net sales increased by 37.3 per cent to Rs 284.3 crore from Rs 207 crore. Stride has surpassed all targets and projections in respect of Indian operations. Arun Kumar, vice chairman & Group CEO, said, "I am extremely delighted that we have been consistently delivering improved performance quarter after quarter. We are able to repeat success owing o our continued focus on execution excellence while meeting challenges such as currency volatility to maintain profitability." Recently, Stride announced corporate reorganization to align global operations into three separate entities viz., specialty pharmaceutical, pharmaceuticals and R&D. The board approved for preferential allotment of upto 6.2 million warrants to promoters and the company convened EGM to be held on May 13, 2009.