Laurus Labs spurts after bagging purchase order

Laurus Labs rallied 3.53% to Rs 544.80 after the drug maker received purchase orders from a leading Global Life Sciences company.

Laurus said supplies will commence from March 2022. The drug maker further said that based on confidentiality agreement - name of the customer, product and volume details cannot be disclosed.

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 company's consolidated net profit declined 44% to Rs 154 crore in Q3 FY22 from Rs 273 crore in Q3 FY21. Revenues contracted by 20% YoY to Rs 1,029 crore during the quarter, due to lower demand of ARV APIs and formulations due to transient inventory correction.

 

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