Laurus Labs hits record low on disappointing Q1 results

The stock slipped 8% to Rs 430 on the BSE in intra-day trade after the company reported 57% year-on-year decline in net profit at Rs 166 million in June quarter.

Laurus Labs hit a record low of Rs 430, down 8% on the BSE in early morning trade, after the pharmaceutical company’s consolidated net profit declined 57% year-on-year (yoy) at Rs 166 million in June quarter (Q1FY19). The main reason for the lower profitability is the increase in prices for the materials imported from China apart from lower sales of CMO APIs.

 

The company had profit of Rs 389 million in the same quarter last fiscal.

The company’s revenue from operations during the quarter under review grew 12.7% yoy at Rs 5,390 million against Rs 4,784 million in