Laurus Labs slips after flash fire occurs at Andhra API plant

Laurus Labs declined 1.61% to Rs 375.70 after the company informed about a flash fire occurred in one of the rooms in one manufacturing block of its API manufacturing plant (Unit 3) in the state of Andhra Pradesh.

The API manufacturing unit is located at Jawaharlal Nehru Pharma City, Parawada, Anakapally district, Visakhapatnam in Andhra Pradesh. The operations in the other production blocks are running normally, said the company

Laurus Labs stated in the press release, Further, we deeply regret to inform that two of regular employees and two contract employees have lost their lives after reaching hospital. One regular employee is in hospital and undergoing treatment. We extend our full support to the families. The company launched investigation into the incident. The company estimates that no material impact on the operations.

Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic Active Pharmaceutical Ingredients (APIs) and a major focus on anti-retroviral, Hepatitis C, and oncology drugs.

The pharmaceutical company posted a 15% rise in consolidated net profit to Rs 233 crore on a 31% increase in revenue from operations to Rs 1,230 crore in Q2 FY23 over Q2 FY21.

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