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Laurus Labs Ltd today said its consolidated net profit for the quarter ended March 31, 2018 was down by over 36 per cent to ₹ 45 crore as against ₹71 crore during the first quarter of the last fiscal.
According to a filing with the bourses, the company’s revenues from operations were up by nearly 17 per cent to ₹ 560 crore during the quarter against ₹ 480 crore in Q4 of FY 17.
A senior official of the company said the net profit was affected by higher provisioning for Income Tax and additional depreciation on the capex.
For the full year, Laurus Labs net profit was registered at ₹ 168 crore against ₹191 crore during the previous fiscal.
“On the whole our revenue growth for FY 18 was muted mainly due to HEP-C(Hepatitis-C)businesses and investments made in formulations, despite that we have shown an improvement in gross margins, owing to cost efficiencies and improved contributions from high margin synthesis business,” the company’s CEO Satyanarayana Chava said in a statement.
As the contributions from FDF (Finished Dosage Formulations) and synthesis businesses improve, overall operating leverage will help the company report robust margins expansion,he added.
The board of directors of the company in their meeting today recommended a dividend of ₹ l.50 (15 per cent) per equity share of ₹l0 face value, for the financial year 2017-18.
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