Drugmaker Laurus Labs has reported a consolidated net profit of ₹297 crore for the quarter ended March on the back of good show in key business segments.
The drugmaker had posted a net profit of ₹110.15 crore in the same period last fiscal. Revenue from operations increased to ₹1,412 crore (₹839.14 crore). For the full fiscal, net profit stood at ₹984 crore (₹255.27 crore), while revenue from operations was ₹4,814 crore (₹2,831.72 crore). The company has declared an interim dividend of 80 paise (40%) per equity share of ₹2 each
Founder and CEO Satyanarayana Chava said the company delivered a strong performance in all divisions and remained confident of strengthening it further in FY22. The increase in sales was ₹1,981 crore in the fiscal. With acquisition of majority stake in Richcore Life Sciences (renamed as Laurus Bio), Laurus Labs has entered into the high-growth biotechnology space. “The acquisition gives us fermentation capabilities and helps in diversification into newer areas... our integrated strategy is delivering the outcomes and we are continuing to invest in the future to drive sustainable long-term growth.
The company said it is expanding capacities for key APIs to meet the increased demand for third-party API sales. It intends to file 8-10 ANDAs as we see many long-term opportunities in the US generics space.
