Laurus Labs’ revenue for Q4FY25 stood at INR 17,203 Mn., up 19.5% YoY (+21.6% QoQ), which was above our estimates led by strong growth in Custom Synthesis segment.Adj. EBITDA came in at INR 4,206 Mn., up 74.2% YoY (+47.5% QoQ), led by margin improvement of 768bps YoY (+430 bps QoQ) to 24.4%.