Hyderabad: Laurus Labs reported a net profit of Rs 297 crore for the fourth quarter of FY 21 with a 170 per cent increase year-on-year, while its revenues went up 68 per cent to Rs 1,412 crore.
The company’s revenues for the fiscal stood at Rs 4,814 crore, up 70 per cent Y-o-Y while its profit jumped 286 per cent to Rs 984 crore Y-o-Y.
Commenting on the results, 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 on it further in FY 2022 and beyond. I am extremely happy to share that we have registered a sales increase of Rs 1,981 crores in a single financial year.”
“With the acquisition of majority stake in Richcore Life Sciences, which is renamed as 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 organisation. Our integrated strategy is delivering the outcomes and we are continuing to invest in the future to drive sustainable long-term growth,” he added.
The company’s formulations business was responsible for about 35 per cent revenue contribution for the year. Laurus also sees new opportunities in developed markets of North America and Europe. Bulk drugs business has also done well with a revenue contribution of 54 per cent.
The company is expanding its current capacities for key bulk drugs to meet the increased demand for third-party sales. It expects to file 8-10 ANDAs (abbreviated new drug applications) next year it sees long-term opportunities in the US generics space.
Source: Telangana Today