Hyderabad-based Laurus Labs Q3 net profit plunges 44 per cent

Hyderabad: Laurus Labs reported a 44 per cent year-on-year dip in its net profit for the third quarter of FY22 at Rs 154 crore, while its total net revenue decreased 20 per cent year-on-year at Rs 1,029 crore. EBITDA saw a 33 per cent decline year-on-year at Rs 290 crore.

For the nine months ended December 2021, the company reported a revenue of Rs 3,511 crore, up 3 per cent year-on-year, while net profit saw a 13 per cent decline at Rs 597 crore year-on-year and EBITDA stood at Rs 1,038 crore, a decrease by 5 per cent year-on-year.

Commenting on the results, Laurus Labs founder and CEO Dr Satyanarayana Chava said, “Our Q3 results are impacted by lower sales of ARV APIs and formulations due to stocking at channel partners and we expect improvement from Q4. However, strong momentum in our CDMO business continued this quarter with over 60 per cent growth, and we have also seen healthy rebound in API business (ex-ARV) with activity levels picking up.”

VV Ravi Kumar, ED & CFO, Laurus Labs said, “Q3 revenues of Rs 1,029 crore, fell 20 per cent YoY, impacted by continued stocking concern in ARV business. EBITDA has declined by 33 per cent to Rs 290 crore while our EBITDA margins were largely consistent at 28 per cent.”