Laurus Labs in focus, zooms over 15%; stock hits all-time high

Shares of Laurus Labs zoomed over 15 per cent to hit an all-time high of Rs 1,080 on the BSE on Monday. The company last week had reported a strong set of numbers for the quarter ended June 2020. 

At 01:39 pm, the stock was trading over 7 per cent higher at Rs 1,002 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading nearly 1.5 per cent lower at 37,070 levels. 

For the April-June, 2020 quarter, Laurus Labs posted consolidated revenue of Rs 974 crore, up 77 per cent year-on-year (YoY) while earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 285 crore, up 288 per cent YoY. EBITDA margin came in at 29 per cent while net profit or profit after tax (PAT) zoomed 1047 per cent YoY to Rs 172 crore. CLICK HERE TO READ PRESS RELEASE

"Our Formulations business continues to grow at a higher rate mainly led by higher LMIC business, the revenue contribution from Formulations division has now grown to 36 per cent. The Custom Synthesis business has maintained its growth trajectory with a strong contribution from all the divisional segments. Our Anti – Viral API portfolio has showcased a strong Revenue growth of 19 per cent on the back of higher volumes and offtake in EFV & TDF along with the launch of DTG to Third Parties. The Other API business segment continues to post healthy growth with improved volumes," said  Dr Satyanarayana Chava – Founder & CEO of the company. 

In a separate filing, Laurus Labs informed that the Board has set September 30, 2020, as the "Record Date" for the sub-division of equity shares of the Company from the existing face value of Rs 10 each to the face value of Rs 2 each. This means a split of 1 equity share of Rs 10 into 5 equity shares of Rs 2 each.