Drugmaker Laurus Labs said consolidated net profit rose close to 5% to ₹252.54 crore for the quarter ended June 2022, amid significant pricing pressure on key antiretroviral (ARV) APIs and the formulation business.
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The growth on a 20% increase in revenue from operations to ₹1,540.69 crore (₹1,284.35 crore a year earlier). The performance reflects the company’s efforts towards strengthening and diversifying the business by sharpening focus on non-ARV APIs and formulations and high-growth CDMO segments, founder and CEO Satyanarayana Chava said in a release on Wednesday.
“Pricing pressure in ARV APIs and the Formulation business was significant during this quarter and ARV FDF volumes would increase in the coming quarters. The high-margin CDMO business growth helped the organisation deliver very good revenue and profit,” he said.
CFO V.V. Ravi Kumar said “EBITDA was at ₹454 crore with consistent EBITDA margins of 29.5% as better mix more than offset... depressed pricing in ARV business.” Capital expenditure during the quarter stood at ₹209 crore and the firm was on track to execute future capex as per schedule, he said.