Laurus Labs posted a consolidated net profit of Rs296.68cr for the quarter ending March 2021 (Q4FY21), registering a nearly three-fold jump compared to a profit of Rs110.15cr a year ago same period. The company had witnessed a net profit of Rs272.85cr in the previous quarter.
Consolidated revenue from operations was at Rs1,411.93cr in the quarter under review, higher from Rs839.14cr of Q4FY20 and Rs1,288.42cr of Q3FY21.
Dr Satyanarayana Chava – Founder & CEO, said, "FY2021 was an extraordinary year for Laurus Labs and another year of strong progress for us. We delivered a strong performance in all divisions, and we are very confident in strengthening it further in FY 2022 and beyond. I am extremely happy to share that we have registered a sales increase of INR 1981 Crores in a single financial year."
Chava added that with the acquisition of a majority stake in Richcore Life Sciences Pvt Limited, which is renamed Laurus Bio, Laurus Labs entered into high-growth biotechnology space. The acquisition gives us fermentation capabilities and helps us in diversification into newer areas, including recombinant products with a medium-to-long-term target of building vertically integrated biotech contract development and manufacturing organization. Our integrated strategy is delivering the outcomes and we are continuing to invest in the future to drive sustainable long-term growth.
Further, Chava said Formulations business led by LMIC tender business continues to deliver robust growth resulting in ~ 35% revenue contribution for the year. Along with the Tender business, we also see many new opportunities in developed markets of North America & Europe. APIs business has also done well with a revenue contribution of 54%, the growth led by higher volumes of all key first-line ARV APIs and Second-line ARV APIs sales picked up in FY2021. Adding he said, "We are expanding our current capacities for key APIs to meet the increased demand for third-party API sales. We expect to file 8-10 ANDAs next year as we see many long-term opportunities in the US generics space."
"Our Custom Synthesis business has contributed 11% revenues and demonstrated a robust growth led by commercial and late-stage clinical supplies. We expect this business to achieve scale in the coming years. We expect Laurus Bio will also start contributing positively in the coming quarters," Chava said.
On Sensex, Laurus Labs finished at Rs458.05 per piece down by 3.46%.