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Laurus Labs’ net profit increased 4 per cent to ₹251 crore in the first quarter ended June 30, against ₹241 crore in the same period last year.
The Hyderabad-based company’s revenue increased 20 per cent to ₹1,539 crore compared to ₹1,279 crore in the corresponding quarter of the previous financial year. Revenue from formulation declined 33 per cent primarily impacted by ARV business although volumes were stable.
“Taking calibrated tendering approach to ensure better profitability. Developed market growth remains stable with higher generic volumes,’‘ the company said.
While API business grew moderately at 6 per cent, growth momentum was maintained in the synthesis business which registered 196 percent growth.
Commenting on the highlights, Founder and Chief Executive Officer, Satyanarayana Chava, said: “Laurus Lab’s performance in the first quarter of the current financial year reflects our efforts towards strengthening and diversifying our business by an increased focus on Non-Antiretroviral Active Pharma Ingredients (Non-ARV APIs), formulations and high-growth Contract Development and Manufacturing Organisation (CDMO) segments,’‘
“This strong momentum has been delivered because of our efforts toward a sustainable supply chain, capacity creation, and on-time delivery of products during the current challenging environment, he said, adding: “Pricing pressure in ARV APIs and the formulation business was significant during this quarter, and ARV FDF volumes would increase in the coming quarters.’‘
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