Strides Pharma Science announced that the USFDA issued a statement on 01 November 2019 providing an update with the latestinformation on Ranitidine. The agency tested numerous ranitidine products on the market over the past few monthsand released a summary of the results they have to date. In this statement, USFDA indicated if they or themanufacturers find NDMA levels above the acceptable limits (96 nanograms per day or 0.32 ppm), they are now askingcompanies to recall ranitidine voluntarily. In the summary of test results provided by the USFDA, Strides' Ranitidine Tablets 300 mg lots tested by USFDA are within the acceptable NDMA limits of 96 nanograms per day or 0.32 ppm. Several batchesof other manufacturers are above this limit requiring a voluntary recall.

The Company intends to provide additional updates in the next coming days, including potential recommencementof product distribution by Strides of Ranitidine Rx based on available test results.

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Net profit of Strides Pharma Science reported to Rs 142.72 crore in the quarter ended September 2019 as against net loss of Rs 12.01 crore during the previous quarter ended September 2018. Sales rose 37.62% to Rs 715.09 crore in the quarter ended September 2019 as against Rs 519.61 crore during the previous quarter ended September 2018.

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The result was announced during market hours today, 25 October 2019.

Total income rose 37.51% to Rs 728.08 crore in Q2 September 2019 over Q2 September 2018.

Arun Kumar, Group CEO and managing director, remarked, This quarter's financial results validate our reset strategy, with enhanced focus on growth and margin opportunities from regulated markets. These markets now contribute to >85% of our revenues, establishing the strength of our operating model built arounddiversified markets and carefully selected product portfolio. In spite of an underperforming emerging markets and continued R&D spend, our group EBITDA margins exceeded 20% for the first time in many quarters. Having said that, the challenges of institutional business & emerging markets persist, and we continue to evolve on our course-corrected strategy, which will deliver positive outcomes in the near term.

Meanwhile, the S&P BSE Sensex was down 253.09 points or 0.65% to 38,767.30.

On the BSE, 3.73 lakh shares were traded in the counter so far compared with average daily volumes of 1 lakh shares in the past two weeks. The stock hit a high of Rs 377.8 and a low of Rs 344 so far during the day.

Strides Pharma Science is a global pharmaceutical company headquartered in Bangalore, India.

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Net profit of Strides Pharma Science reported to Rs 47.00 crore in the quarter ended September 2019 as against net loss of Rs 14.30 crore during the previous quarter ended September 2018. Sales rose 25.70% to Rs 425.41 crore in the quarter ended September 2019 as against Rs 338.43 crore during the previous quarter ended September 2018.

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