Strides Pharma receives EIR for Bengaluru plant

The company's formulations facility is cleared by the US drug regulator with the issuance of Establishment Inspection Report (EIR). It is one of the largest facility owned by Strides Pharma and supports several products sold in the US markets.

The United States Food and Drug Administration (USFDA) issued an EIR regarding continued GMP status for the company's flagship located at KRSG Gardens, Bangalore, informed the company through a BSE filing. The inspection was carried out by the regulator in August and November 2018. This EIR confirms the successful closure of inspections.

The plant manufactures capsules, tablets, liquids, creams, ointments and sachets. It is one of the largest facility owned by Strides Pharma and supports several products sold in the US markets.

For the recently reported quarter, Q3FY19, the company registered a revenue growth of 6 per cent YoY at Rs. 798.4 crore as against Rs. 753.4 crore in Q3FY18. The company's EBITDA was at Rs. 120.9 crore as against Rs. 140.1 crore in Q3FY18, down 14 per cent YoY. Adjusted PAT was at Rs. 30.3 crore and adjusted EPS was at Rs. 3.4.

Strides Pharma's regulated market segment contributed 82 per cent to its revenues in Q3FY19.

Meanwhile, the stock of Strides Pharma Science Limited experienced huge volatility on Wednesday. The stock opened at Rs. 427.00 per share against Tuesday's close of Rs. 421.05 per share. At 10:31 hours, it was trading in the red at Rs. 410.45 per share, down Rs. 10.60 or 2.52 per cent on BSE, close to the day's low of Rs. 408.85.