Laurus Labs fell 2.36% to Rs 463.45 after 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.
EBITDA in Q3 FY22 stood at Rs 290 crore, down by 33% from Rs 433 crore in Q3 FY21. EBITDA margin was 28.2% in Q3 FY22 as against 33.6% in Q3 FY21.
Dr. Satyanarayana Chava, founder and chief executive officer, said: Our 9MFY22 results reflects operational resilience overall with better mix and sustained profitability despite of lower revenue from ARV APIs and formulations. Our Q3 results impacted by lower sales of ARV APIs and formulations due to stocking at channel partners and we expect improvement from Q4.
However, strong momentum in our CDMO business continued this quarter with over 60% growth and also seen healthy rebound in API business (ex-ARV) with activity levels picking up. We continue to sharpen our execution as we focus on positioning our businesses for sustainable long term growth.
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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU