Pharmaceuticals company Laurus Labs announced Q2FY24 & H1FY24 results: Q2FY24: Revenue was Rs 1,224 crore, a 22% YoY decrease. Excluding Purchase Orders, there was an 18% growth. EBITDA was Rs 188 crore, down 58% YoY. EBITDA margins stood at 15.4%. Profit After Tax (PAT) amounted to Rs 37 crore, down 84% YoY. PAT margins were at 3.0%. Earnings Per Share (EPS) for the period, on a diluted basis, were Rs 0.6 per share (not annualized). H1FY24: Revenue was Rs 2,406 crore, showing a 23% YoY decrease. Excluding Purchase Orders, there was a 14% growth. EBITDA amounted to Rs 356 crore, indicating a substantial 61% YoY decline. EBITDA margins were at 14.8%. Profit After Tax (PAT) was Rs 62 crore, down by 87% YoY. PAT margins stood at 2.6%. Earnings Per Share (EPS) for the period, on a diluted basis, were Rs 1.1 per share (not annualized). An interim dividend of Rs 0.40 per share was declared. Commenting on the highlights, Founder and Chief Executive Officer Dr. Satyanarayana Chava stated, “ImmunoAct associate company of Laurus became the first strategic collaboration to win marketing approval for India’s first CAR-T therapy, NexCAR19. We are proud of this important innovative breakthrough in treating blood cancer. We feel a combination of their pipeline, technology and Laurus' support in building manufacturing capabilities will accelerate our pursuit of next-generation innovation in cell therapies and new drug discovery. Q2 operating results started to improve and the health of our businesses is intact. Momentum in generic business has picked up during the quarter and CDMO-Synthesis is stable with a healthy scale-up in the project pipeline along with the expansion of our strategic partnerships. Our investments in transformative technology platforms are making good progress and future CDMO growth prospects are very encouraging. The recovery we saw in the quarter gives us confidence that we will have a better H2 resulting from both a healthy order book and strong commercial execution. Our priorities remain consistent on ensuring greater business resilience by accelerating our scientific advantage to deliver the best external and internal opportunities as well as long-term value creation.” Result PDF
Pharmaceuticals company Laurus Labs announced Q1FY24 results: Revenue at Rs 1,182 crore, down 23% YoY EBITDA at Rs 168 crore, down 63% YoY EBITDA margins at 14.2% PAT at Rs 25 crore, down 90% YoY PAT margins at 2.1% EPS (Diluted) for the period at Rs 0.5 per share (not annualised) Commenting on the highlights, Founder and Chief Executive Officer Dr. Satyanarayana Chava stated, “While our operating results this quarter were primarily impacted by lower sales, operational deleverage and elevated expenses, the underlying demand for key growth portfolio within Non-ARVs generics and CDMO progress remains strong and healthy. ARV business has incrementally stabilised on an overall basis and therefore we remain optimistic about our H2 growth prospects as indicated earlier. During the quarter, Laurus continued to advance its R&D-driven; commercial strategy by successfully signing its first multi-year commercial partnership in Crop Science and further deepening its commitment to the emerging CGT technology platform. Our CDMO growth projects are on track with an Animal Health manufacturing block commissioned recently and a dedicated R&D; center coming online in late FY24. We remain committed to ensuring greater business resilience and long-term performance, with growing scientific capabilities remaining the source of our company’s energy and value creation.” Commenting on the results, V V Ravi Kumar, Executive Director & Chief Financial Officer said, “We delivered a subdued financial performance for Q1FY24. We achieved Rs 1,182 crore in revenues, representing a 23% decline, and Rs 168 crore EBITDA, resulting in a 14.2% margin. Performance was mainly affected by operational deleverage, material drop in the CDMO business, and price fall in the ARV portfolio over last year. We are anticipating a rebound from H2, with recovering revenue trends, positives from cost improvement programs, and raw material price stabilisation. Our future capex projects towards strengthening CDMO and Bio division are advancing as per the schedule and Debt leverage position remains comfortable” Result PDF