Hyderabad: Drug maker Strides Shasun Ltd on Wednesday said its board has approved hiving off its active pharmaceutical ingredient (API) business into a subsidiary to give more focus. “The (API) business requires a different level of focus,” Strides said in a statement to stock exchanges,“With the new set of regulatory and statutory compliance, the commodity API business will need its own leadership team and strategy. “Focus of API segment shifting towards captive consumption, providing source security for formulations business,” Strides management said in the annual report. On Wednesday Strides posted a net profit of Rs.26.04 crore for the quarter ended 30 June, largely driven by improved sales in regulated markets and institutional business, despite declining API business. Sales from regulated markets stood at Rs.371 crore, and institutional sales were at Rs.138 crore.

Source: Mint August 17, 2016 17:03 UTC