Laurus Labs' PAT jumps to Rs 57 crore in Q2

Laurus Labs Ltd on Friday announced that its profit after tax (PAT) for the quarter ended September 30, 2019 was up by 249 per cent to Rs 56.6 crore against Rs 16.2 crore during the corresponding period last fiscal.

The total revenue grew by 21 per cent to Rs 712 crore against Rs 588 crore during Q2 FY' 19, a statement issued by the city drug-maker said.

CEO of Laurus Labs Satyanarayana Chava said in the statement that the performance during the quarter shows the ability to execute the long-term strategy of the company with enhanced revenue from formulations business contributing positively to both topline and margins.

"We have recorded robust growth across most of our divisions. The API (active pharmaceutical ingredient) 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 (anti-rabies vaccine) API business for FY '20," he said.

On the regulatory side, the drug-maker received EIRs (establishment inspection report) for Units 1 and 3. Unit 4 successfully completed its maiden USFDA (United States Food and Drug Administration) audit with nil observations and also received EIR during the quarter, the release said.