Laurus Labs Q2 net profit up 325% year-on-year

The company’s revenue for the first half of the fiscal went up to Rs 2,113 crore, up 67 per cent Y-o-Y, while net profit jumped 475 per cent to Rs 414 crore Y-o-Y.

Hyderabad: Hyderabad-based Laurus Labs has reported a net profit of Rs 242 crore for the second quarter of FY21, showing a 325 per cent growth year-on-year (Y-o-Y). The company’s revenue went up to Rs 1,139 crore, up 60 per cent Y-o-Y while EBITDA went up 172 per cent Y-o-Y.

The company’s revenue for the first half of the fiscal went up to Rs 2,113 crore, up 67 per cent Y-o-Y, while net profit jumped 475 per cent to Rs 414 crore Y-o-Y. The company has spent Rs 85 crore in the first half of the fiscal, accounting for 4 per cent sales of H1 FY21.

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Commenting on the results, Dr Satyanarayana Chava, founder & CEO said, “Our formulations business showcased a growth of over 180 per cent for the quarter, mainly led by higher LMIC (low and middle-income countries) business and new launches in various markets, the division now contributed about 40 per cent to overall revenues.”

“The generic API (active pharmaceutical ingredients/bulk drugs) division also recorded a healthy growth of 22 per cent for the quarter, led by higher growth in anti-retroviral (ARV) API business owing to higher volumes. Custom synthesis continues to maintain its growth trajectory with a healthy pipeline and with good visibility,” he added.

V V Ravi Kumar, ED & CFO said, “With improved demand visibility and strong profitability and debt situation, we continue to undertake larger green-field and brown-field capex for all the divisions and initiate new manufacturing units on a greenfield basis. We are confident that the new capex will have a shorter payback period.”

Laurus Synthesis Inc USA (100 per cent wholly-owned subsidiary of the company) is merged with Laurus Generics Inc USA (step-down subsidiary of the company) with effect from September 30, 2020.

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