Drug maker Laurus Labs has posted a consolidated net profit of ₹203.95 crore for the quarter ended September, a decline of nearly 16% from the ₹242.27 crore in the year-earlier period.
Net profit attributable to equity holders is ₹201.90 crore, or about 17% less, compared with ₹242.27 crore. The lower net profit came even as total income increased 6% to ₹1,206.31 crore (₹1,143.96 crore).
Founder and CEO Satyanarayana Chava said financial performance of the quarter had been tepid and driven by sales growth. “Our sustained traction in FDF and CDMO business was key driver of the growth,” he said in a release. The company has declared an interim dividend of ₹0.80 per equity share of ₹2 each.
Describing the second quarter results as “slightly subdued”, CFO V.V. Ravi Kumar said channel de-stocking for ARV (antiretroviral) business impacted the revenue from operations growing a modest 6% to ₹1,203 crore.
The company in the release said wholly owned subsidiary Laurus Synthesis (LSPL) has executed a multi-year partnership deal with a leading global lifescience company. The deal entails complete drug development and manufacturing of a portfolio of niche active pharmaceutical ingredients (APIs). LSPL, under the agreement, will be setting up a dedicated manufacturing facility to manufacture and supply APIs.
“We believe the deal will mark a significant step forward in our evolution as a valuable partner to the global pharmaceutical industry... seeing multiple opportunities from several new and existing customers looking to diversify and de-risk existing supply chain,” Mr. Chava said.
