According to the rating rationale, Ind-Ra continues to take a consolidated view of Strides and its subsidiaries while arriving at the ratings, as all the companies operate in a similar line of business. Strides has six subsidiaries in India and 52 subsidiaries overseas (including step-down subsidiaries).
The Negative Outlook reflects the delay in scale-up at Strides’ associate company Stelis Biopharma Pvt Ltd (Strides; holds a 33% stake), given the geo-political issues impacting the sale of its Sputnik V vaccines in India.
The downgrade reflects weakening of Strides’ financial performance during FY22, owing to the strong price erosion in the US market.
At around 1:24 PM, Strides Pharma Science was trading at Rs301.40 per share up by Rs6.4 or 2.17% from its previous closing of Rs295 per share on the BSE.
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