Laurus Labs has reported a consolidated net profit of ₹110.1 crore for the quarter ended March in comparison to the year earlier period’s ₹43.1 crore, a manifold increase of 155%.
Total income of the drugmaker increased 32.05% to ₹840.8 crore (₹636.7 crore). For the full fiscal, the net profit was ₹255.2 crore, or an increase of 172% from the ₹93.7 crore posted in 2018-19. Total income at ₹2,837.6 crore was a growth of 22.94% over the previous fiscal’s ₹2308 crore.
Founder and CEO Satyanarayana Chava said the company has closed FY20 on a strong footing, recording the highest ever revenue, EBITDA and profit numbers.
“Our formulations business led by LMIC tender business continues to deliver robust growth resulting in around 30% revenue contribution for the year. Along with the tender business. we are also seeing many new opportunities in developed markets of North America and Europe. We continue to file 8-10 ANDAs a year as we see many long-term opportunities in the U.S. generics space,” he said.
An integrated strategy pursued by the company was delivering outcomes and Laurus was investing in the future to drive sustainable long-term growth. “With the improvement in margins and profitability in FY20 and given the variable factor of COVID-19, I remain highly optimistic about delivering superior performance on all parameters,” he said.
Stock split
The company has declared a final dividend of ₹1 per share. The Board of Directors recommended for the sub-division of equity shares of the company from existing face value of ₹10 each to face value of ₹2 each (split of one equity share of ₹10 each into five equity shares of ₹2 each) subject to the approval of the shareholders and other regulatory approvals.
