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Laurus Labs Ltd’s consolidated net profit more than doubled at ₹297 crore in the fourth quarter ended March 31, 2021 compared to ₹110 crore in the corresponding quarter of the previous fiscal. The total revenue increased 68 per cent at ₹1,412 crore.
For the full year, the net profit increased 286 per cent to ₹984 crore on a revenue of ₹4,814 crore which registered 68 per cent increase over previous financial year.
“We delivered a strong performance in all divisions, and we are very confident in strengthening on it further in FY 2022 and beyond. I am extremely happy to share that we have registered a sales increase of ₹1,981 crores in a single financial year,” Satyanarayana Chava – Founder & CEO, Laurus, said in a release issued here on Thursday.
With the acquisition of majority stake in Richcore Life Sciences Pvt Limited, which is renamed as Laurus Bio, Laurus Labs entered into high-growth biotechnology space.
“The acquisition gives us fermentation capabilities and helps us in diversification into newer areas, including recombinant products with a medium-to-long-term target of building vertically integrated biotech contract development and manufacturing organisation,” he added.
Formulations business led by LMIC tender business contributed over 35 per cent revenue contribution for the year. Along with the Tender business, we also see many new opportunities in developed markets of North America & Europe. APIs business has also done well with a revenue contribution of 54 per cent, the growth led by higher volumes of all key first-line ARV APIs and Second-line ARV APIs sales picked up in FY2021.
“We are expanding our current capacities for key APIs to meet the increased demand for third-party API sales. We expect to file 8-10 ANDAs next year as we see many long-term opportunities in the US generics space,” he added.
VV Ravi Kumar, Executive Director & Chief Financial Officer, Laurus said, “Our Gross Margins continue to grow on the back of better product mix and improved sales from API, FDF & Custom Synthesis businesses.”
Laurus Labs’ scrip lost 3.46 per cent on the Bombay Stock Exchange on Thursday to end at ₹458.05.
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