Laurus Labs Q3FY23 net profit rises by 32 percent

Pharmaceutical and biotechnology company Laurus Labs reported 32% year-on-year (YoY) rise in profit after tax to INR 203 crore for the quarter ended December 31, 2022. The company had reported a net profit of INR 155 crore in the same quarter, previous fiscal year.

The company’s consolidated revenue from operations for Q3FY23 came in at about INR 1,544.82 crore, up 50.16% YoY, whereas total expenses stood at INR 1,268.4 crore, recording an increase of 52.7% YoY. The company also spent INR 153 crore on R&D in 9M FY23. Laurus Labs’ EBITDA improved to INR 404 crore in Q3FY23, recording 39% YoY growth. The EBITDA margin stood at 26.1% in the quarter. Its EPS for the period stood at INR 3.7 per share.

“Our Q3 and 9M of 2023 results reflect sustained business momentum across our key growth drivers, which is visible in our commercial execution within CDMO, and Non-ARVs generic portfolio. Growth is also supported by anticipated recovery in the ARV FDF segment, which is likely to continue despite pricing challenges. We also made additional advancements in our R&D initiatives and brought new capacities online,” said Satyanarayana Chava, Founder & CEO of Laurus Labs.

Its API business revenue reported INR 632 crore during Q3, which increased 49% YoY. Other APIs also saw strong growth at 33%, following a ramp-up in the new contract supplies. However, FDF revenues for the quarter declined 33% to INR 249 crore. Growth is impacted by lower demand and adverse prices in the ARV formulations, the company said in a release.