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Laurus Labs Ltd’s net profit declined 17 per cent at ₹202 crore in the second quarter of the current fiscal ended September 30, 2021, compared to ₹242 crore in the corresponding quarter of the previous year.
The total revenue of the Hyderabad-based company, however, grew by 6 per cent at ₹1,203 crore as against ₹1,139 crore in the year-ago period.
The favourable margin in base drove muted profit growth, the Hyderabad-based company said in a release issued on Thursday.
For the half-year ended September 30, Laurus posted a 7 per cent increase in net profit at Rs 443 crore, with a 17 per cent increase in total revenue at ₹2,482 crore.
“The financial performance of the quarter has been tepid and driven by sales growth. While our profit growth for the quarter was modest, we clocked heathy growth for H1 FY22. We continue to sharpen our execution across our core business despite challenging times,’’ Satyanarayana Chava, Founder and Chief Executive Officer, Laurus Labs said.
``Our Laurus Synthesis Pvt Ltd (LSPL) unit has executed a multi-year partnership deal with a leading global life sciences company. The deal entails complete drug development and manufacturing of a portfolio of niche APIs. Under the agreement, LSPL will set up a dedicated manufacturing facility to manufacture and supply APIs,’’ he added.
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