Laurus Labs fell 1.54% to Rs 427.85 after CARE Ratings revised its outlook on the long-term credit facilities of the company to 'negative' from 'stable' while affirming the rating on the same at "CARE AA".
The credit rating agency has affirmed its rating on the short-term credit facilities of Laurus Labs at "CARE A1+.
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, oncology drugs, cardiovascular, gastro and hepatitis C therapeutics. The company also develops and manufactures oral solid formulations, provide contract research and manufacturing services (CRAMS) to global pharma companies.
The companys consolidated net profit dropped 26.58% to Rs 75.61 crore in Q4 FY24 as compared with Rs 102.98 crore in Q4 FY23. Revenue from operations increased 4.26% to Rs 1,439.67 crore in Q4 FY24 as compared with Rs 1,380.90 crore posted in corresponding quarter last year.
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