Laurus Labs jumps on stellar Q2 performance

Laurus Labs surged 6.03% to Rs 391 after the pharma company reported 248.86% rise in consolidated net profit to Rs 56.55 crore on 21.1% rise in net sales to Rs 712.42 crore in Q2 September 2019 over Q2 September 2018.

The company's EBITDA rose 61% Rs 139.1 crore in Q2 September 2019 over Q2 September 2018. EBITDA margins for the quarter stood at 20%. The announcement was made after market hours yesterday, 31 October 2019.

Commenting on the results announcement, Dr. Satyanarayana Chava, CEO, said, "We have recorded robust growth across most of our divisions. Other API division showed a strong growth during the quarter on the back of increase in new product additions; with Oncology and Synthesis maintaining their growth momentum. With the impending shift in the treatment regimen in South Africa, we are witnessing a slowdown in sales in ARV API business for FY20."

He further added that on the regulatory side, the company has received EIRs for its units 1 & 3. Unit 4 successfully completed its maiden USFDA audit with zero observations and also received an EIR.

Laurus Labs is a research driven pharmaceutical manufacturing company. The firm manufacturers active pharmaceutical ingredients (API) for anti-retroviral (ARV), oncology, cardiovascular, anti-diabetics, anti-asthma and gastroenterology.

Powered by Capital Market - Live News