Laurus Labs - FY21 Ends On A Strong Note: Dolat Capital

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Dolat Capital Report

Laurus Labs Ltd. reported robust Q4 beating our estimates primarily driven by stellar growth in first line anti-retroviral (active pharmaceutical ingredients and formulations).

Both gross and Ebitda margins at 56% and 33% for Q4 FY21 have been strong despite higher contribution from anti-retroviral API, implying better pricing and higher volumes.

Further, leveraging its backward integration, the company has demonstrated commendable execution capability in the formulations segment (non-ARV) and remains confident of growth sustenance in near term.

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