Sharekhan's research report on Laurus Labs
Laurus Labs Limited (Laurus) reported healthy numbers in Q1FY23 that beat estimates, driven by impressive growth of the synthesis division.Revenue growth stood strong at 20.4% y-o-y, while reduction of tax sops drove up tax rate. Thus, PAT growth slowed down to 4.5%. Based on encouraging growth prospects, that are well-supported by capacity expansion plans, the management has retained its revenue guidance of $1 billion by FY2023E, that bodes well from a growth perspective. Laurus has retained its capex guidance of Rs 2000 crore over the next two years with half of the capex directed towards synthesis segment, while the balance would cater to other segments.
We retain a Buy on Laurus with an unchanged PT of Rs. 735.
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