Laurus Labs profit soars 170% to Rs 297 cr in Q4

Hyderabad City-based drug firm Laurus Labs on Thursday reported a nearly three-fold jump in consolidated net profit to Rs 296.92 crore for the fourth quarter ended March 31, 2021 on the back of robust performance in all divisions. The pharmaceutical and biotechnology company had posted a net profit of Rs 110.15 crore for the corresponding period of the previous fiscal.

Consolidated revenue from operations stood at Rs 1,411.93 crore for the quarter under consideration. It was Rs 839.14 crore for the same period a year ago, Laurus Labs said in a statement. For the financial year ended March 2021, the net profit increased 286 per cent at Rs 984 crore while the revenue from operations came in at Rs 4,814 crore, it added.

Dr Satyanarayana Chava, Founder & CEO, said: "We delivered a strong performance in all divisions during FY2021, and we are very confident in strengthening on it further in FY 2022 and beyond. With the acquisition of majority stake in Richcore Life Sciences, we entered into high-growth biotechnology space."

He further said, "Formulations business led by low-to-middle-income-country (LMIC) tender continues to deliver robust growth resulting in 35 per cent revenue contribution for the year. Along with the tender business, we also see many new opportunities in developed markets of North America and Europe."

APIs (Active Pharmaceutical Ingredients) business has also done well with a revenue contribution of 54 per cent, the growth led by higher volumes of all key APIs sales picked up in FY2021.

"We are expanding our current capacities for key APIs to meet the increased demand for third-party API sales. We expect to file 8-10 ANDAs (Abbreviated New Drug Applications) next year as we see many long-term opportunities in the US generics space," Dr Chava said. The Board of Directors have approved the payment of an interim dividend of Re 0.80 per share, the filing said. Shares of Laurus Labs closed at Rs 458.05 on BSE, down 3.46 per cent from its previous close.