Laurus Labs' profit grows 32 pc in Dec quarter
Jan 30, 2023
Hyderabad (Telangana) [India], January 30 : Laurus Labs on Monday posted a 32 per cent growth year-on-year to Rs 203 crore. The pharmaceutical firm's revenue went up 50 per cent y-o-y to Rs 1,545 crore while its earnings before interest, taxes, depreciation, and amortization (Ebitda) saw a jump of 39 per cent at Rs 404 crore. Ebitda margins was 26.1 per cent.
The firm said its earning per share for the reviewed period was Rs 3.7 apiece, the pharma company said in a statement shared with the stock exchanges on Monday.
Founder and Chief Executive Officer Satyanarayana Chava, stated "Our Q3 (third quarter) and 9M (nine months till December 2022) of 2023 results reflects sustained business momentum across our key growth drivers, which is visible in our commercial execution within CDMO (contract development and manufacturing organisation), and non-ARVs (antiretrovirals) generic portfolio. The growth is also supported by the anticipated recovery in ARV FDF (finished dosage form) segment, which is likely to continue despite pricing challenges.
The CEO said, "Our recent success with the Global funds HIV (human immuno virus) procurement as 'Panel Supplier' demonstrates our commitment to the cause of HIV. We also made additional advancements in our R and D initiatives and brought new capacities online."
The firm's active pharmaceutical ingredient (API) business reported revenue of Rs 632 crore during Q3, which is a jump of 49 per cent y-o-y. During the nine months till December 2022, The firm said revenues increased 26 per cent to Rs 1,895 crore. The firms said, "Other APIs' strong growth for Q3 and 9M at +33 per cent and more than 65 per cent, following ramp up in the new contract supplies."
V V Ravi Kumar, Executive Director & Chief Financial Officer, said, "We are pleased to report another strong quarter with operational results on expected lines. In Q3 FY23, Laurus Lab clocked 50 per cent revenue growth to Rs 1,545 crore, driven by continued strong demand in our CDMO-synthesis business and steady ramp-up in API business."
