Drugmaker Laurus Labs reported consolidated net profit slumped to ₹25.17 crore in the third quarter ended December from the ₹203.06 crore in the year earlier period.
Revenue from operations declined to ₹1,194.92 crore (₹1,544.82 crore). “While Q3 headline results were subdued, the underlying financial strength of our businesses and demand visibility have remained resilient. The positive momentum in FDF, Onco APIs and Bio division was more than offset by transient CDMO-Synthesis and Other APIs weakness,” founder and CEO Satyanarayana Chava said.
“During Q3 FY24, we achieved ₹1,195 crore in revenues, representing 23% decline. Excluding the large CDMO PO, the underlying revenue growth was 6% YoY. While gross margins was healthy at 54.3% our EBIDTA margin has remain compressed due to higher spends on growth projects. We expect overall business momentum to pick, supported from healthy order book…” CFO V.V.Ravi Kumar said.
For the nine months ended December the “operating results was challenging driven by steep fall in CDMO revenues, price erosion in ARV portfolio over last year and operational deleverage from higher upfront cost of capex and R&D projects. We achieved, ₹3,601 crore in revenues, representing 23% revenues decline. EBITDA stood at ₹539 crore resulting in 15% margin,” he said. Net profit upto third quarter slumped to ₹92.89 crore (₹689.40 crore).
