Laurus Labs net profit rises 51.7% to Rs 39 crore in Q1
Total revenues of the company rose 17 percent to Rs Rs.478.4 crore during the quarter while revenues grew 16.7 percent to Rs 478.4 crore.
Laurus Labs posted 51.7 percent rise in net profit to Rs 39 crore in the first quarter ended June on account of improved sales of oncology active ingredients and reduced finance costs.
Total revenues of the company rose 17 percent to Rs 478.4 crore during the quarter while EBITDA grew 19.5 percent to Rs 103.5 crore.
The company had EBITDA margin of 21.63 percent.
On a sequential basis the net profit was down 45 percent and revenues were up 2 percent.
“Our Q1 FY18 performance is along the expected lines, with good growth coming from our generic API portfolio, within which the oncology reportfolio showed robust growth and Hep C business continued its growth despite various challenges like GST," said Satyanarayana Chava, Chief Executive Officer of Laurus.
"Our pursuit of both newer geographies, including developed markets, new products introduced under Hepatitis C segment and other therapeutic areas are moving up the growth and also the focus on second line therapies has started yielding results," Chava added.
Laurus, which is planning to enter the highly regulated markets, said it has filed 4 ANDAs with USFDA, one dossier in Canada, one dossier in Europe and one dossier with WHO and completed 6 products validations.
The company said it has successfully completed the USFDA inspection for API facility in Unit 2 without any 483s observations and expects the agency to inspect its Unit1 and Unit 3 plants in Visakhapatnam in August.
The company WHO inspection for unit 1 and 3 is also scheduled in September .
Laurus, a major supplier of active pharmaceutical ingredients for anti-retroviral and hepatitis-C drugs for nine out of 10 world’s largest generic companies, went public in December.
The company raised about Rs 300 crore to repay term loans and for general corporate purposes.
The results came after market hours.Shares of Laurus Labs dropped 4.86 percent to close at Rs.525.65 on BSE, the benchmark Sensex declined 0.84 percent to end 31,531.33 points.