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January 30, 2024

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

Scrip code: 532531

The National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (E) Mumbai - 400 051

Scrip code: STAR

Dear Madam/ Sir,

Sub: Press Release

Please find enclosed herewith Press Release (along with Earnings presentation) issued by the Company titled:

“Strides reports strong Q3FY24 Revenue and EBITDA”

This is for your information and records.

Thanks & Regards,

For Strides Pharma Science Limited,

MANJULA Digitally signed by MANJULA RAMAMURTH RAMAMURTHY Date: 2024.01.30 Y 13:13:47 +05'30' Manjula Ramamurthy Company Secretary ICSI Membership No.: A30515

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Encl. As above

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Press Release Jan 30, 2024

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Strides reports strong Q3FY24 Revenue and EBITDA YoY - Revenue 20%  , EBITDA 62% 

Reports quarterly Revenues of ₹10,389 million in Q3FY24, up 20% YoY
US Business reports its best-ever quarterly performance, Revenues at $67m
Consolidated EBITDA at ₹1,950m for the quarter, up 62% YoY, led by healthy Revenue & Gross margin expansion and among the Company’s best quarters on an absolute number basis
Q3FY24 gross margins at 59.5%, absolute gross margin increase of ₹1,165 million YoY
Q3FY24 adjusted PAT[1] at ₹620 million
Net Debt reduced by ₹1,803m during 9months FY24
Net Debt to EBITDA improved to 3.0x, trending ahead on Net Debt to EBITDA target < 3x for FY24

Bangalore, India, Jan 30, 2024 - Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its consolidated financial results for the quarter (Q3FY24) and nine months (9MFY24) ended December 31, 2023.

Financial Highlights (In ₹ m)

Particulars	Q3FY24	Q2FY24	Q3FY23	QoQ	YoY	9MFY24	9MFY23*	YoY
Revenues	10,389	10,264	8,686	1%	20%	29,972	25,554	17%
Gross Margin	6,176	6,083	5,011	2%	23%	17,729	14,349	24%
Gross Margin %	*59.5%*	*59.3%*	*57.7%*	*19bps*	*176bps*	*59.2%*	*56.2%*	*300bps*
EBITDA	1,950	1,801	1,201	8%	62%	5,436	2,614	108%
EBITDA %	*18.8%*	*17.5%*	*13.8%*	*123bps*	*495bps*	*18.1%*	*10.2%*	*791bps*

1 Adjusted PAT = PAT from continuing operations without JV share and exceptional items

9MFY23 numbers adjusted for UCL, Kenya operations which was deconsolidated effective Sep 30[th] , 2022

Arun Kumar, Founder, Executive Chairperson & Managing Director, commented on the performance and said, “We are delighted to announce the sustained progress in our FY24 performance, highlighted by a robust Q3FY24, where we achieved a 20% Y-o-Y revenue growth and continue to grow our EBITDA over revenues. We are optimistic about delivering the upper range of our EBITDA Outlook for FY24, laying a strong foundation for the quarters ahead.

Our revenues have surpassed ₹1,000 crores for two consecutive quarters with an Improved EBITDA performance predominantly driven by our US operations, which recorded its highest-ever revenue of $67 million in the quarter supported by the seasonality of our product portfolio. This performance underscores our strategic approach to product launches, prioritising profitable market share sustainability. While our other regulated markets continue to exhibit strong Y-o-Y growth our Access markets business remains lumpy. We remain committed to expanding our pipeline and venturing into new territories organically to ensure our growth trajectory in the quarters to come.

We are pleased to announce the successful divestment of our Singapore facility, thereby optimising our manufacturing network. The proceeds from this corporate action has been utilised for debt reduction enabling us to achieve a debt to EBITDA of under 3 ahead of our outlook. ”

Detailed investor communication on the performance of the Company is attached.

About Strides

Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company headquartered in Bengaluru, India. The Company mainly operates in the regulated markets and has an “in Africa for Africa” strategy along with an institutional business to service donor-funded markets. The Company’s global manufacturing sites are located in India (Chennai, Puducherry and two locations in Bengaluru), Italy (Milan), Kenya (Nairobi), and the United States (New York). The Company focuses on “difficult to manufacture” products sold in over 100 countries. Additional information is available at the Company’s website at www.strides.com.

For further information, please contact:

Strides Badree Komandur Executive Director – Finance & Group CFO +91 80 6784 0747 Strides Pharma Science Limited CIN: L24230MH1990PLC057062 Regd. Office: 201, ‘Devavrata’, Sector - 17, Vashi, Navi Mumbai - 400 703 Corp. Office: Strides House, Bannerghatta Road, Bengaluru – 560076		Corporate Communication Pallavi Panchmatia:+91 80 6784 0193 Email: [email protected] PR Consultancy Fortuna PR K Srinivas Reddy: +91 90005 27213 [email protected] Boni Mukherjee: +91 96186 82208 [email protected]

Stridin Ahead g

Q3FY24 Earnings Presentation | January 30, 2024

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Safe Harbor
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Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements“. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

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Strides reports Strong Q3FY24 performance with Improved Profitability
Revenues at ₹ 10,389m and EBITDA at ₹ 1,950m
Strong Q3FY24 performance enables visibility to achieve the higher end of the EBITDA Outlook
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Q3FY24 Q3FY23 YoY
Revenues ₹10,389m ₹8,686m 20% 
Gross
₹6,176m ₹5,011m 23% 
Margins
59.5% 57.7% 176 bps
EBITDA ₹1,950m ₹1,201m 62% 
18.8% 13.8% 495 bps
Adj. PAT [1] ₹620m
6.0%
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1 – Adjusted PAT = PAT from continuing operations without JV share and exceptional items

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We are delighted to announce the sustained progress in our FY24 performance,
highlighted by a robust Q3FY24, where we achieved a 20% Y-o-Y revenue growth
and continue to grow our EBITDA over revenues. We are optimistic about delivering
the upper range of our EBITDA Outlook for FY24, laying a strong foundation for the
quarters ahead.
Our revenues have surpassed ₹1,000 crores for two consecutive quarters with an
improved EBITDA performance predominantly driven by our US operations, which
recorded its highest-ever revenue of $67 million in the quarter supported by the
seasonality of our product portfolio. This performance underscores our strategic
approach to product launches, prioritising profitable market share sustainability.
While our other regulated markets continue to exhibit strong Y-o-Y growth our
Access markets business remains lumpy. We remain committed to expanding our
pipeline and venturing into new territories organically to ensure our growth
trajectory in the quarters to come.
We are pleased to announce the successful divestment of our Singapore facility,
thereby optimising our manufacturing network. The proceeds from this corporate
action has been utilised for debt reduction enabling us to achieve a debt to EBITDA
of under 3 ahead of our outlook.
Arun Kumar
Founder, Executive Chairperson & Managing Director
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Outlook – Trending ahead on all parameters
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CONTINUING BUSINESS REVENUES TO GROW AT 15% YOY

9M FY24 Revenues grew by 17%

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AIMING FOR AN EBITDA OF ₹7,000M – ₹7,500M

9M FY24 EBITDA at ₹5,436m greater than FY23 full year EBITDA of ₹4,460m
Guiding Outlook towards higher end of the EBITDA range

**Outlook for FY24 ***

YTD performance Check-In

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NET DEBT TO EBITDA < 3x

FY23 Net Debt to EBITDA stood at 5.3x, as of Dec FY24, Net Debt to EBITDA ( 9M FY24 ) improved to 3.0x, trending ahead of target of < 3x for FY24
Strong operating cash flow generation ensured 17% Revenue growth with no incremental growth capital

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EMPHASIS ON MANUFACTURING NETWORK OPTIMIZATION

As part of our Reset strategy our manufacturing network optimization was a key area of focus. With the divestment of our Singapore facility, the same is now complete

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shared along with Q4FY23 results

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Region-wise Performance

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US Q3FY24 Revenues at $ 67m, grew by 10% YoY
On Track to achieve higher end of Revenue outlook of $240 - $250m in FY24
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Financial Performance(₹/$M)

Quarterly Updates

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$67 $67
$63
$61
Q3 FY24 Q3 FY23 Q3 FY24 Q2 FY24
₹ 5,560 ₹ 5,072 ₹ 5,560 ₹ 4,993
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Q3FY24 Revenues of ₹ 5,560m($ 67m)
Q3FY24 Revenues grew 10% YoY and 11% QoQ
9MFY24 Revenues at ₹ 15,252m ($ 185m), grew 14% over 9MFY23 Revenues of ₹ 13,350m ($ 169m)
5 New product launches in 9MFY24 and sustained market share across the product portfolio enabled YoY growth
During the quarter we received two key product approvals, Icosapent ( launched ) and Suprep Bowel kit ( Q4 launch)
Of the 65 commercial products, Strides is ranked in Top 3 players in 34 products which contributes ~75% of the total U.S. revenues
All facilities supporting US business continue to be USFDA compliant

YoY	QoQ
10%	11%

Business Outlook

The focus remains on the fast-tracked launches from our approved basket of ANDAs (260+ active ANDAs with 235+ approvals)
Calibrated portfolio expansion to drive growth with 10-15 new launches annually which meets our profitability thresholds

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YoY and QoQ growth are on ₹ reported numbers

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Other Regulated Markets Revenues at $40m, grew by 21% YoY
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Financial Performance(₹/$M)
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Quarterly Updates

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$40 $40
$40
$34
Q3 FY24 Q3 FY23 Q3 FY24 Q2 FY24
₹ 3,286 ₹ 2,711 ₹ 3,286 ₹ 3,269
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YoY	QoQ
21%	1%

All regulated markets ex-US form part of the Other Regulated markets
Q3FY24 Revenues of ₹ 3,286m ($ 40m)
Q3FY24 Revenues grew 21% YoY and 1% QoQ
9MFY24 Revenues ₹ 9,428m ($ 114m), grew 30% over 9MFY23 Revenues of ₹ 7,277m ($ 92m)
Strong funnel for the European B2B partnerships under synergICE to drive growth

Business Outlook

Expansion of product portfolio and new customer acquisitions to drive growth
Quarterly growth will be lumpy as we are onboarding new B2B customers, full year growth will be intact
Conversion of existing strong funnel of new opportunities to deliver growth
Continued momentum in filings and approvals to fast track growth

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YoY and QoQ growth are on ₹ reported numbers

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Growth Markets and Access Markets Revenues at $19m, grew by 71% YoY
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Financial Performance(₹/$M)

Quarterly Updates

Growth Markets:

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$24
$19 $19
$11
Q3 FY24 Q3 FY23 Q3 FY24 Q2 FY24
Growth Access Growth Access
₹ 883
₹ 490 ₹ 490
₹ 156
₹ 1,053 ₹ 746 ₹ 1,053 ₹ 1,119
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Growth Markets includes Africa operations and new geographies of LATAM, MENA, CIS, APAC
Q3FY24 Revenues of ₹ 1,053m ($13m)
Q3FY24 Revenues grew 41% YoY and de-grew 6% QoQ
9MFY24 Revenues ₹ 2,949 ($36m), grew 24% over 9MFY23 Revenues of ₹ 2,374 ($30m)

Access Markets:

Access markets Revenues continues to be lumpy as the business is Tender driven
Q3FY24 Revenues of ₹ 490m ($6m)
Q3FY24 Revenues grew 214% YoY and de-grew 45% QoQ
9MFY24 Revenues ₹ 2,344 ($28m), de-grew 8% over 9MFY23 Revenues of ₹ 2,553 ($32m)

Business Outlook

YoY QoQ 71%  -23% 

Growth Markets:

Strong funnel of business prospects and product registrations in new geographies will drive growth in the near term

Access Markets:

Continued focus on CIPs with vendors to reduce costs and enhance competitiveness
Contribution to overall Revenues continues to be small

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YoY and QoQ growth are on ₹ reported numbers

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Financial Performance

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Key P&L Highlights – Q3FY24
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		Income statement	(₹m)
Particulars	Q3FY24	Q2FY24	Q3FY23		QoQ	YoY
Revenues	10,389	10,264	8,686		1%	20%
EBITDA	1,950	1,801	1,201		8%	62%
EBITDA %	18.8%	17.5%	13.8%
		Reconciliation of EBITDA (₹m)
As per SEBI results				Q3FY24		Q2FY24
Profit before exceptional items & tax				721		503
Less: Finance income				76		89
Add : Depreciation and Amortization				512		601
Add : Finance costs				793		786
Consolidated EBITDA as per press note				1,950		1,801

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Despite YTD growth of 17%, Net Debt reduction of ₹ 1,803m vs Mar’23, Net Debt currently at ₹ 21,678m
Current Net Debt to EBITDA < 3x – Ahead of the target
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Particulars	Dec’23	Sep'23	Mar'23
Working Capital Loans Long Term Loans US Long Term Revolver Facility*	15,167 7,217 4,194	15,722 7,162 3,848	14,472 7,617 4,507
Gross Debt	26,578	26,732	26,596
Cash and Cash Equivalents**	-4,900	-3,875	-3,115
Net Debt	21,678	22,857	23,481

Strides had guided for < 3x Net Debt to EBITDA in FY24

Asset-based revolver line in the US, backed primarily by US receivables, without recourse to India was renewed in FY23 for five years

Continued focus on debt reduction with free cash generation

* Long-term revolver is asset-based financing backed purely by local assets, mainly US receivables with no recourse to Indian operations

** Cash and cash equivalents ₹ 4,900m includes ₹ 829m of deferred consideration from Arrotex and Singapore plant sale

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In ₹ m

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Profit & Loss – SEBI and Press Release
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As per SEBI Reporting
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Includes Finance Income & Other Income

	Particulars	Q3 FY24	*9 months FY244**
I	Revenue from operations	10,377	29,671
II	Other income	88	532
III IV V VI VII VIII IX X XI XII XIV	Total income (I + II) Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories (d) Employee benefits expense (e) Finance costs (f) Depreciation and amortisation expense (g) Other expenses Total expenses (IV) Profit/ (loss) before exceptional items and tax (III - IV) Exceptional items - net gain / (loss) Profit / (loss) before tax (V + VI) Share of loss of joint venture and associates Profit/ (loss) before tax (VII + VIII) Tax expense / (benefit) - Current tax - Deferred tax Total tax expense / (benefit) (X) Profit/(loss) after tax from continuing operations (IX - X) Profit/(loss) after tax from discontinued operations Profit / (loss) for the period (XI + XII)	10,464	30,203


		3,751	9,873
		507	1,708
		-46	662
		1,845	5,520
		793	2,343
		512	1,709
		2,381	6,773
		9,744	28,588
		721	1,616
		-101	-1,810
		620	-194
		-520	-1,272
		100	-1,466

		37	248
		64	-125
		101	123
		-1	-1,589
		541	541
		541	-1,048

Particulars	Q3 FY24	9 months FY24*
Revenue from Operations	10,377	29,671
Other Income	12	301
Revenue	10,389	29,972
Material Costs	4,212	12,243
Gross Margin	6,176	17,729
Gross Margin %	59.5%	59.2%
Personnel Cost	1,845	5,520
Other Opex	2,381	6,773
Total Opex	4,226	12,293
EBITDA	1,950	5,436
EBITDA Margin %	18.8%	18.1%
Depreciation and amortisation	512	1,709
Finance Cost	793	2,343
Finance Income	76	231
Net Finance Cost	717	2,112
Exceptional items - net gain / (loss)	-101	-1,810
JV share	-520	-1,272
Profit/ (loss) before tax	100	-1,466
Tax	101	123
Profit/(loss) after tax from continuing operations	-1	-1,589
Profit from Discontinued Operations	541	541

Profit / (loss) for the period	541	-1,048

Material Costs

* 9 months FY24 Other Income includes ₹301m which is operating in nature

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Stelis | OneSource Update

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Stelis | OneSource - Q3 Updates
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✓ Syngene transaction closed in Dec 2023

Stelis concluded the sale of its new multimodal facility to Syngene. Although the consideration originally announced was ₹ 7,020m, Stelis retained equipment that will add 20KL of Biologics drugs substance capabilities from its US FDA approved Unit 2 facility, consequently the consideration was adjusted to ₹ 6,170m
Proceeds were used for debt reduction and debt at Stelis has reduced from a peak of ₹ 9,413m to ₹ 5,155m (including recently secured growth financing)
The transaction also released Corporate Guarantees issued by Strides by ₹ 5,850m

✓ Business updates

The company added 2 new customers during the Quarter taking total unique customers to 16
During the period the MSA’s (Master Service Agreement) increased from $ 42m to $ 56m
The company received its first CSA (Commercial Service Agreement) for a GLP1 to be launched by one of our key customers in FY 25

✓ Revenues

Revenues in Q3FY24 were ₹ 591m compared to ₹ 54m in Q3FY23
The company reported EBITDA of negative ₹ 69m in Q3FY24 compared to negative ₹ 414m in Q3FY23
As previously guided Stelis would be EBITDA positive in H2FY24 based on the strong outlook for its Q4 operations

✓ OneSource

Scheme filed with Stock exchanges and addressing queries - we expect NCLT filings in Q4FY24

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Strides Pharma Science Limited Q3FY24 Earnings Call Details
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invites you to interact with the senior management on Q3FY24 Performance January 30, 2024 4:00pm IST / 10:30am GMT / 5:30am EST / 6:30pm HKT

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Badree Komandur
Executive Director - Finance
& Group CFO
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Arun Kumar Founder, Executive Chairperson & Managing Director

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Click here to pre-register and joinwithout the operator

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Join through an operator using dial in numbers

India Primary	India Primary	+91 22 6280 1434 / +91 22 7115 8838	+91 22 6280 1434 / +91 22 7115 8838	+91 22 6280 1434 / +91 22 7115 8838
USA	18667462133		Singapore	8001012045
UK	08081011573		Hongkong	800964448

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Strides Pharma Science Limited CIN: L24230MH1990PLC057062

Registered Office

201, Devavrata, Sector 17, Vashi, Navi Mumbai - 400 703, India, Tel.: +91 22 2789 2924/2789 3199 Email: [email protected] Website: www.strides.com

Corporate Office

Strides House, Bannerghatta Road, Bengaluru - 560 076, India Tel.: +91 80 6784 0000/ 6784 0290

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STRIDES PHARMA SCIENCE LIMITED Earnings Release 2024

62616_rns_2024-01-30_48e1717c-d898-496c-8425-4aeb0b122afc.pdf

Sub: Press Release

“Strides reports strong Q3FY24 Revenue and EBITDA”

Strides reports strong Q3FY24 Revenue and EBITDA YoY - Revenue 20%  , EBITDA 62% 

Detailed investor communication on the performance of the Company is attached.

About Strides

For further information, please contact:

CONTINUING BUSINESS REVENUES TO GROW AT 15% YOY

AIMING FOR AN EBITDA OF ₹7,000M – ₹7,500M

NET DEBT TO EBITDA < 3x

EMPHASIS ON MANUFACTURING NETWORK OPTIMIZATION

Region-wise Performance

Financial Performance(₹/$M)

Quarterly Updates

Business Outlook

Quarterly Updates

Business Outlook

Financial Performance(₹/$M)

Quarterly Updates

Growth Markets:

Access Markets:

Business Outlook

YoY QoQ 71%  -23% 

Growth Markets:

Access Markets:

Financial Performance

Strides had guided for < 3x Net Debt to EBITDA in FY24

Stelis | OneSource Update

✓ Syngene transaction closed in Dec 2023

✓ Business updates

✓ Revenues

✓ OneSource

Click here to pre-register and joinwithout the operator

Registered Office

Corporate Office

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STRIDES PHARMA SCIENCE LIMITED — Earnings Release 2024

62616_rns_2024-01-30_48e1717c-d898-496c-8425-4aeb0b122afc.pdf

Sub: Press Release

“Strides reports strong Q3FY24 Revenue and EBITDA”

Strides reports strong Q3FY24 Revenue and EBITDA YoY - Revenue 20%  , EBITDA 62% 

Detailed investor communication on the performance of the Company is attached.

About Strides

For further information, please contact:

CONTINUING BUSINESS REVENUES TO GROW AT 15% YOY

AIMING FOR AN EBITDA OF ₹7,000M – ₹7,500M

NET DEBT TO EBITDA < 3x

EMPHASIS ON MANUFACTURING NETWORK OPTIMIZATION

Region-wise Performance

Financial Performance(₹/$M)

Quarterly Updates

Business Outlook

Quarterly Updates

Business Outlook

Financial Performance(₹/$M)

Quarterly Updates

Growth Markets:

Access Markets:

Business Outlook

YoY QoQ 71%  -23% 

Growth Markets:

Access Markets:

Financial Performance

Strides had guided for < 3x Net Debt to EBITDA in FY24

Stelis | OneSource Update

✓ Syngene transaction closed in Dec 2023

✓ Business updates

✓ Revenues

✓ OneSource

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Corporate Office

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STRIDES PHARMA SCIENCE LIMITED Earnings Release 2024