Laurus Labs Ltd. share price target

Revenue: Consolidated revenue for the quarter increased by 31.4% YoY (-8.8% QoQ) to INR 15,696 Mn., significant beat on our estimates (+15.0%), driven by strong outperformance in the Custom Synthesis and the Generic FDF segment.

Laurus Labs Ltd (Laurus) was incorporated in the year 2005 as an Anti-Retroviral (ARV) Active Pharmaceutical Ingredient (API) company. (ARV drugs are medications used to treat HIV infection and prevent its progression). Later, it diversified its operations by entering into Formulations and Contract Development Manufacturing Operations (CDMO) services to become an integrated pharma company. Currently, Laurus's...

Revenue/EBITDA/PAT exceeded our estimates by 8.4%/32.6%/110.3%; EBITDA margin surpassed our estimate by 440 bps

Laurus Lab (LAURUS) delivered a second consecutive quarter with betterthan-expected performance, led by healthy traction in the Formulation (FDF)/API segment. Despite softer-than-expected performance in the CDMO business during 4QFY25, the quarterly sales run rate continued its uptrend.

Revenue/EBITDA/PAT exceeded our estimates by 10.5%/46.6%/227%. EBITDA margin surpassed our estimate by 500bps

Laurus Lab (LAURUS) significantly beat our earnings estimates in 3QFY25, led by a scale-up in the CDMO segment. Commercial supplies (including launch quantities) led to strong 89% YoY growth in CDMO sales for the quarter.

Earnings miss for 2Q on our and street estimates on all fronts. Revenue/PAT came short of consensus estimates by -5%/39%

Laurus Lab (LAURUS) delivered largely in-line operational performance for 2QFY25. It witnessed an improving traction in the CDMO business, with a 33%/44% YoY/QoQ jump in sales for 2QFY25.

Quarterly Update Q1FY25

Laurus Labs (LAURUS) posted a weak 1QFY25 due to deviation in buying of ARV formulations and deferral of some orders in the other API segment.

Quarterly Update Q4FY24

Laurus Labs (LAURUS) delivered better-than-expected revenue in 4QFY24.
However, EBITDA/PAT missed our estimates due to lower sales in the CDMO
segment and weak pricing in the other API segment.

BJAUT: Healthy revival but priced in; downgrade to SELL. TVSL: On a fast track raise to BUY. SBICARD: Asset quality concerns persist; downgrade to HOLD. LAURUS: Challenges galore cut to SELL. CIPLA: Healthy revenue growth, strong margins. MAHGL: Volume growth accelerating, reiterate BUY. DCBB: NII sequentially flat on high interest cost. SBILIFE: ULIP-led growth; maintains market leadership

Fourth straight quarterly miss with upsets on all fronts; Q3 revenue/ EBITDA well short of Bloomberg consensus by 13%/79%

Quarterly Update Q3FY24

Quarterly Update Q2FY24

Quarterly Update Q1FY24

Quarterly Update Q4FY23