ICICI Securities Ltd | Retail Equity Research We met the management of Laurus Labs (Laurus) to understand the business model and its future plans. The company is a leading Indian active pharma ingredient (API) manufacturer with a leadership position in the therapeutic areas of anti-retroviral (ARVs or anti-AIDS- 64% of FY17 revenues) and Hepatitis C (13% of FY17 revenues). Apart from these, Laurus is also into oncology APIs (15 DMF filings), other therapeutic APIs, synthesis business and nutraceutical/cosmeceuticals ingredients...