Laurus Labs Ltd Management Discussions

Economic Overview

Global Economy

The world growth was 3.4% in 2025 at same level as 2024, amidst abating trade tensions with occasional flare-ups and elevated uncertainty. The global economy remained remarkably resilient though policy uncertainty continued to persist. Global inflation reduced from 5.8% in 2024 to 4.1% in 2025.

Region Wise Growth

Region	2025	2026 (P)	2027 (P)
Global economy	3.4	3.1	3.2
Advanced economies	1.9	1.8	1.7
Emerging markets and developing economies	4.4	3.9	4.2

P - Projections

Global growth is facing challenges with the outbreak of war in the Middle East. Slowdown in growth and increase in inflation are expected to be particularly pronounced in emerging market and developing economies. Global headline inflation is projected to rise modestly in 2026 before resuming its decline in 2027. Fluctuating trade policies continue to add uncertainty, though balanced by surging investment in technology, including artificial intelligence (AI), especially in North America and Asia than in other regions. Elevated public debt and eroding institutional credibility further heighten vulnerabilities. At the same time, activity could be lifted if productivity gains from AI materialise more rapidly or trade tensions ease on a sustained basis.

Overall global growth is expected at 3.1% in 2026 and 3.2% in 2027, assuming that the conflict remains limited in duration and scope. A longer or broader conflict, worsening geopolitical fragmentation, a reassessment of expectations surrounding artificial-intelligence-driven productivity, or renewed trade tensions could significantly weaken growth and destabilise financial markets. Risks to growth may arise due to re-evaluation of technology expectations and escalation of geopolitical tensions. Policymakers need to restore fiscal buffers, preserve price and financial stability, reduce uncertainty, and implement structural reforms to sustain growth.

(Source: IMF World Economic Outlook, April 2026)

Indian Economy

According to the second advanced estimates (base year 2022-23), Indias Gross Domestic Product growth is estimated at 7.6% in FY 2025-26. The sustained growth momentum is primarily attributable to robust domestic consumption and investment. FY 2025-26 was filled with challenges from foreign trade partners amidst heightened uncertainty in global trade, imposition of high and punitive tariffs by key partners. Due to the war involving the US, Israel and Iran, which began on February 28, Indias exports to West Asia fell 57.95% in March 2026. Total exports (merchandise and services) were recorded at USD 863.1 billion in FY 2025-26, up 4.2% YoY. The US, UAE, China, the Netherlands, and the UK remained key export destinations. Exports are expected to get a substantial boost by the Free Trade Agreement with the European Union concluded in Q4 FY 2025-26, post three years of embargo, India and the United States also signed an interim bilateral trade deal signalling economic cooperation. CPI inflation averaged around 2%. Continued focus on domestic manufacturing, rationalisation of GST rates and further simplification of compliance requirements across various industries provided relief to corporate India.

In FY 2025-26, the Reserve Bank of India (RBI) eased its monetary stance reducing the repo rate to 5.50% in October 2025 and further down to 5.25% in December 2025, with a view to support growth amid moderating inflation. As of February 6, 2026, the RBIs Monetary Policy Committee kept the repo rate unchanged at 5.25%, focusing on maintaining stability amid global uncertainties.

GDP growth for FY 2026-27 is projected to decline to 6.9%, with heightened uncertainty and rising economic risks due to war in Middle East. The conflict has led to a sharp rise in crude oil prices, disrupted overall energy supply, and disruption of supply chains putting pressure on input costs and raw material availability. Further clarity will emerge gradually depending on the intensity and duration of the conflict, and the status of energy infrastructure of the Gulf nations.

Source: https://www.pib.gov.in/PressReleasePage. aspx?PRID=2219912&reg=3&lang=1; Ministry of Statistics & Programme Implementation; RBI

Source: https://static.pib.gov.in/WriteReadData/specificdocs/documents/2026/feb/doc2026227806501. pdf

Year	Indian GDP growth (% YoY)
FY 20	4.2
FY 21	(6.6)
FY 22	8.7
FY 23	7.0
FY 24	7.2
FY 25	7.1
FY 26	7.6

Source: Ministry of Statistics & Programme Implementation

Industry Overview

Global Pharmaceutical Industry

The global pharmaceutical industry grew 9.3% in 2025 to an estimated USD 1.94 trillion from USD 1.76 trillion in 2024. This sustained growth and resilience is driven by growing prevalence of chronic diseases, innovation, sustained investment in R&D, advances in medical science, rising healthcare expenditure, growing awareness, broader access to essential medicines, spurt in personalised medicine, and digital health applications in pharmaceuticals.

The pharmaceutical market when segmented based on modality remains dominated by small-molecule drugs due to their broad therapeutic use and cost-effectiveness, On the other hand, the biologics segment is witnessing faster expansion, due to their higher efficacy and safety, along with their ability to target complex, previously untreatable conditions.

The Active Pharmaceutical Ingredients (API) involves the trade and production of biologically active components in medicines, which are the primary building blocks for drug manufacturing. Driven by rising pharmaceutical demand, increasing prevalence of chronic diseases and continuous innovation in drug development, the global API industry is witnessing robust growth.

Another major segment of the industry is the Contract Development and Manufacturing Organisation (CDMO) market. As pharmaceutical companies increase focus toward innovation and drug development, with a view to reduce cost and optimise efficiency, manufacturing is increasingly being outsourced to CDMOs which aids in reducing operational costs, gaining access to specialised expertise and accelerate product commercialisation.

The biologics segment though small is witnessing fast-paced growth. Biological entities now dominate new-drug filings, propelled by antibody-drug conjugates, mRNA vaccines, and cell-based therapeutics. Rising burden of cancer, genetic diseases, and autoimmune diseases coupled with the approval of several disease-modifying therapies of these conditions are driving the biologics market growth.

Key Trends

• Growing incidences of chronic diseases: there has been a substantial increase in prevalence of chronic diseases such as cancer, diabetes and cardiovascular disorders. This coupled with ageing population requiring long-term treatment is fuelling the pharmaceutical market growth.

• Rapid innovations and technological advancements: A key driving factor of market growth has been rapid rise in investments in the discovery and development of new drugs and therapies like biologics, gene therapies, precision medicine, use of AI in drug discovery, etc.

• Novel drug treatment: The approval of cutting- edge drugs such as CAR-T cell therapies for certain cancers and GLP-1 obesity drugs exemplifies the markets growing focus on precision medicine. New drug therapies for chronic illnesses are gaining strong traction.

• Emerging markets: Increasing market penetration in emerging markets coupled with robust growth in developed and pharmaemerging markets presents huge growth opportunities for the global pharmaceutical market.

• E-commerce and online pharmacies: Integration of digital prescription management systems and home delivery services support growth.

• Regulatory support: Strong government support, increased spending on healthcare across countries, and faster approval for critical therapies acts as a significant boost for the market.

• The pharmaceutical market is estimated to grow at 5-8% CAGR up to 2030 to reach USD 2,630-2,660 billion supported by the growing contribution of new products and the impact of patent expiries, including the growing impact of biosimilars.

Source: Global Medicine Use Trends 2026

Global CDMO Industry

Rising demand for drug development support, increasing complexity of novel therapies, and heightened outsourcing by biopharma innovators are fuelling sustained growth for global CDMO market. With strategic shift towards generic medicines and drug development and manufacturing outsourcing by pharmaceutical and biotechnology companies, CDMO industry is witnessing robust growth. The global CDMO market was valued at USD 255 billion in 2025 and is projected to grow to USD 581 billion by 2034, at 9.9% CAGR. The CDMOs help in benefitting the pharmaceutical and biotechnology companies by optimising operational costs, providing specialised expertise and accelerating product commercialisation.

The CDMO industry is dominated by North America with nearly 38.5% share in 2025, led by a well-established network of service providers, high volume of clinical trials and strong partnerships between pharmaceutical and biotech companies. The second-largest share is held by Europe, which benefits from regulatory alignment with international standards and growing participation in biotech forums that enhance service visibility. The Asia- Pacific region is expected to witness robust future growth fuelled by growing investments in biopharmaceutical research, spike in manufacturing capacity and favourable government support in countries like China, India and Japan.

Key Trends Shaping the Global CDMO Market

• Providing end-to-end solutions from drug discovery to mass scale commercialisation

• Entering new regions and emerging markets

• Encouraging green chemistry and energy- efficient production

• Increasing collaborative models between CDMOs and pharma companies

• Growing market consolidation to expand capabilities and market presence

Source: Fortune Business Insights

Indian Pharmaceuticals Industry

Globally, India ranks third in pharmaceutical production by volume and fourteenth by value, with over 3,000 pharma companies and a strong network of more than 10,500 manufacturing facilities. The lower market share by value is mainly attributable to the dominance of generic medicines, which constitute -70% of the industrys revenue and are priced lower. The Indian pharmaceutical market provides over 60,000 generic brands across 60 therapeutic categories manufactured in state-of-the-art plants. India has the highest number of US-FDA compliant pharmaceutical plants outside of USA.

The API industry in India ranks third-largest in the world, supplying 57% of APIs on the pre-qualified WHO list, and constitutes -8% share in the global API industry. USD 31 billion Indias pharmaceutical exports rise grew from USD 30.47 billion in FY 2024-25 to USD 31.11 billion in FY 2025-26. The growth is largely driven by increased health insurance coverage, better access to healthcare facilities, growing prevalence of chronic diseases, and rising per capita income. Exports growth is expected to be fuelled by greater generic drug penetration in regulated markets, supported by a focus on niche and complex product segments, patent expiries, licensing agreements from the medicine patent pool, and rising demand from semi-regulated markets.

Indian CDMO Industry

The India CDMO industry was valued at USD 26 billion in 2025 and is expected to grow to USD 57.94 billion by 2031, at 14.4% CAGR, led by cost-efficient production base, technically skilled workforce, and policy support from the government like the Production-Linked Incentive scheme. With a view to diversify supply chains, global sponsors redirect high-value biologics and complex injectable mandates toward India.

The use of AI and digitisation in CDMO are being exploited to shrink development timelines and enhance quality consistency. On the global stage, India has built a strong brand equity as a preferred site for outsourced small- and large-molecule manufacturing. The industry is witnessing multiple multinational investments in new greenfield facilities. Led by strong regulatory compliance mandates by CDSCO and the U.S. FDA, the industry has seen substantial shift towards superior quality systems, and higher compliance expenditures that ultimately strengthen export credibility.

Growth drivers

• Strong domestic pharmaceutical manufacturing infrastructure

• Availability of cheap and skilled workforce

• Government initiatives such as the Production Linked Incentive (PLI) scheme

• Favourable regulatory policies encouraging foreign investments and domestic expansion

• Growing demand for affordable healthcare solutions globally

These factors are driving the pharmaceutical market to partner with CDMOs for cost-effective manufacturing without compromising quality standards.

Source: Mordor Intelligence

Company Overview

Laurus Labs Limited (hereafter referred to as Laurus Labs, we or us), is a research-driven pharmaceutical and biotechnology company committed to fostering sustainable growth and innovation in the pharmaceutical space globally. We are an integrated pharmaceutical company, offering one-stop solution from clinical stage development to manufacturing scale. We hold leadership position in developing and manufacturing select Active Pharmaceutical Ingredients (APIs) and Finished Dosage Forms (FDF) across anti-retroviral, oncology, cardiovascular, and gastro therapeutics. We also offer end-to-end Contract Development and Manufacturing Organisation services (CDMO/CMO), supporting innovators across human health, animal health, specialty chemicals, and crop science ingredients.

We operate through 15 state-of-the-art facilities which are globally accredited by several internationally recognised regulators like the USFDA, WHO, EMA, etc. Over the years of operations, we have garnered strong brand equity for excellence in drug development and manufacturing globally. Our current focus is directed towards pioneering enviable technologies, including Continuous flow chemistry, Precision Fermentation, anti-body Drug conjuates and Cell and Gene Therapy etc. Driven by the core values of innovation, knowledge, excellence, care and integrity, we relentlessly strive to provide high-quality solutions through a customer-centric approach.

Business Division:

CDMO

Our CDMO services span the entire value chain from pre-clinical, clinical supplies, commercial supplies to lifecycle management for human health, crop science, animal health, speciality ingredients and biotech firms. State-of-the-art facilities are located in Hyderabad and Visakhapatnam. Key markets include the US, EU and Japan.

AffordableMedicines (Generics)

We are the global leaders in supplying antiretrovirals followed by largest Hi-Potent API capabilities. Our portfolio spans ARV, oncology, steroids, hormones and cardiovascular APIs, catering to the needs of top global generic pharmaceutical companies. Our Generics FDF business focuses on oral solid formulations. We remain focused on innovation and large-scale production.

Bio

We provide full service microbial precision fermentation CDMO services ranging from enzyme engineering and cell culture media to large-scale production. Our solutions serve sectors like regenerative medicine, vaccines, cultured meat and more. We also offer animal origin free bio alternatives for personal care, cosmetic and nutrition industries.

Strengths

• Integrated research-driven manufacturing company

• Large scale manufacturing infrastructure

• Delivers superior One Quality standard product for all markets

• Globally accredited state-of-the-art manufacturing facilities

• Advanced and evolving multiple R&D platform

• Diversified product portfolio

• Strong focus on innovation and automation

• Stable, visionary and Experienced Senior Management executives

• Healthy financial position and committed to deliver long-term sustainability

• Skilled workforce

• Robust resource management capabilities

Opportunities

• Presence in advanced therapies like cell and gene therapies

• Expertise in chemistry and process engineering

• Strong product pipeline

• In-house manufacturing

Threats

• Complicated regulatory framework

• Fluctuations in price

• Clinical program delays

• Pricing pressure especially in ARV

• Geopolitical factors

Financial Performance:

The financial performance of the company on consolidated basis presented below:

(Rs. in crore)

Particulars	FY26	FY25	Y-o-Y change (%)
Revenues	6,813	5,554	23%
Gross Margins	60.4%	55.4%	5.0%
EBITDA	1,826	1,115	64%
% to Revenues	26.8%	20.1%	6.7%
Net Profit	889	358	148%
% to Revenues	13.0%	6.4%	6.6%
EPS (?)	16.4	6.6	148%

Revenue from operations:

This financial year, the Company has earned revenue from operations of Rs. 6,813 crore, witnessed a growth of 23% over previous financial year. Performance driven by strong growth in CDMO division, sustained demand across complex chemistry platforms supported by growth in Affordable Medicine division.

Divisional Revenue Performance:

(Rs. in crore)

	FY26	FY25	Y-o-Y
CDMO	2,080	1,534	36%
Small molecules	1,896	1,374	38%
Bio	184	160	15%
Affordable Medicines (Generics)	4,733	4,020	18%
API	2,746	2,438	13%
FDF	1,987	1,582	26%
Total Revenues	6,813	5,554	23%
ARV Revenues*	2,807	2,559	10%

* Includes API and Formulation (FDF) combined revenues

CDMO Small molecules:

CDMO small molecules business reported revenues of Rs. 1,896 crore, during FY 2025-26; increased by 38% from late stage pipeline, commercial NCE API supplies, ramp-up of the growth projects.

CDMO Bio:

CDMO Bio revenue gown by 15% to Rs. 184 crore during FY 2025-26. Healthy growth through revenue diversification. Continued pipeline progress on larger Global accounts.

Affordable Medicines (Generics):

Affordable Medicines division reported revenues of Rs. 4,733 crore, during FY 2025-26, increased by 18%. This strong performance was driven by volume growth in ARV portfolio and ramp-up of the select molecules in US and EU region.

Material Costs:

(Rs. in crore)

Particulars	FY26	FY25
Material consumption	2,794	2,429
Purchase of traded goods	172	105
Changes in inventories of finished goods and work-in-progress	(271)	(56)
Total Material Consumption	2,695	2,478
Revenue from operations	6,813	5,554
% Consumption to Revenue	39.6%	44.6%

Material consumption varies from product to product. The Company manufactures several active pharmaceutical ingredients and intermediates within the Affordable

Medicines (Generics) and CDMO divisions. Manufacture of any product involves stage-wise controlled processing through its chemistry to the specifications under the standard operating practices complying to cGMP conditions.

Material consumption is decreased by 5% points to 39.6% comparing to previous year due to better product mix.

Employee benefits expense:

Employee benefits expense represent salaries and benefits to employees and also fixed and variable managerial remuneration of Executive Directors as approved by the Members.

Employee benefit expenses for the year is Rs. 895 crore as against Rs. 720 crore. The increase is driven by expanding headcount beyond the 1,000+ employees added in FY 2025-26, alongside sustained talent investments in R&D and manufacturing functions. These efforts specifically support the scaling of the companys operations.

Other expenses:

Major items of other expenses are power and fuel, effluent treatment, repairs, stores & spares, R&D expenses, carriage outward, travelling & conveyance, sales commission and CSR expenses.

Other expenses for the year was Rs. 1,444 crore as against Rs. 1,301 crore for the previous year. As a percentage of revenue, these expenses stood at 21% versus 23% in FY25. Key drivers included continued spending on new initiatives like Cell and Gene Therapy (CGT), Animal Health, and the ramp-up of advanced manufacturing capabilities.

Balance Sheet:

(Rs. in crore)

Particulars	FY26	FY25	Y-o-Y
Net Fixed assets (incl. CWIP)	4,879	4,316	+563
Goodwill and Intangibles	265	266	(1)
Net Working Capital (A+B-C)	3,245	2,985	+260
A. Inventories	2,342	1,937
B. Receivables	2,155	2,007
C. Payables	1,252	959
Other assets & liabilities	(805)	(501)	(304)
Cash and Cash Equivalents	113	100	+13
Equity	5,300	4,473	+827
Debt (current + non-current)	2,397	2,693	(296)
Total Net Assets	7,697	7,166	+531

Net Fixed Assets: Increased by Rs. 563 crore to Rs. 4,879 crore in FY 2025-26, driven by Investments in ADC/Gene Therapy Process Development lab & cGMP manufacturing facility in Hyderabad site and Drug Product line expansion, Commercial peptide capacity, Intermediate/API mfg. blocks (Human & Animal health) at Vizag site.

Net Working Capital: Net working capital stood at Rs. 3,245 crore as against Rs. 2,985 crore for the previous year. Increase mainly due to an increase in inventories and accounts receivables.

Cash & Cash Equivalents: Cash & Cash Equivalents Rs. 113 crore, reflecting healthy liquidity position.

Equity: Rose to Rs. 5,300 crore, reflecting the companys strong financial health and retained earnings.

Debt: Decreased to Rs. 2,397 crore, mainly due to improved operational efficiency and cashflows. Long-term debt remained stable.

Increase in Other assets & liabilities: The increase in other assets and liabilities was primarily driven by a rise in customer advances.

Key Ratios:

Ratio	FY 26	FY 25	Change
Debtors Turnover	3.2	2.8	14%
Inventory Turnover	2.9	2.9	0%
Interest Coverage Ratio	11.1	5.3	109%*
Current Ratio	1.33	1.22	9%
Debt-Equity Ratio	0.45	0.60	-25%**
EBITDA Margin (%)	26.8%	20.1%	33%*
Net Profit Margin (%)	13.0%	6.4%	103%*
Return on Networth (%)	16.8%	8.0%	110%*
Net Debt-EBITDA	1.3x	2.3x	-43%*

* The variance is on account of increase in profits for the year ended March 31, 2026.

** The variance is on account of decrease in debt and increase in profits for the year ended March 31, 2026.

Debtors Turnover: Revenue from operations/Trade Receivables

Inventory Turnover: Revenue from operations/Inventory

Interest Coverage: EBIDTA/Total interest excluding bank charges

Current Ratio: Current assets/Current liabilities

EBITDA Margin %: EBIDTA/Revenue from operations

Net Profit Margin %: Net profit/Revenue from operations

Return on Networth %: PAT/ Equity+Reserves

Strategic Outlook

The industry has shown a positive trend. The momentum is building as we continue to execute on our strategy with clear focus. We are currently managing several capex growth projects across multiple high growth modalities, mid-to-large scale manufacturing infrastructure, which are expected to be executed in the next two years. These are expected to significantly enhance our market opportunities, strengthen delivery capabilities and global position.

We are creating a large manufacturing greenfield project, Unit 7, where production for commercial validation is expected to commence by March 2027 and four additional manufacturing units during FY 2027-28 with a combined reactor volume of over 2,000 cubic metres. In addition, commercial scale peptide manufacturing block is expected to be ready for commercial scale validation during Q2 FY 2026-27. In animal health, some capacities at Unit 10 are expected to be added in addition to LSPL Unit 2. Also, a fermentation greenfield site for our Laurus Bio Phase 1 is expected to start by end of 2026. We are also spending on formulation facility under our KRKA joint venture in Hyderabad, and we expect Phase 1 to be completed by mid-2027.

To conclude in FY 2026-27, we will continue to focus on deepening CDMO/CMO strategic partnership on integrated capabilities, strengthening technology platforms, advancing late stage/commercial pipeline as well as focused investments into capacity creation laying strong foundation for future growth and continuous transformation of our business. We also expect healthy operating profit margins following better operating leverage and product mix.

R&D

Our research-first philosophy has led us to emerge as a preferred partner for most of our clientele. We possess state-of-the-art R&D infrastructure, aptly supported by a skilled team of 3,134 scientists and research professionals. We continue to embrace a research-driven approach to product development and continue to invest in and cultivate robust technical capabilities. We have technologically advanced 56,000 sq.m 6 R&D centres with 1,540 R&D scientists.

Sustainable pharmaceutical development is at the heart of all our R&D platforms like Continuous flow technology, Bio-catalysis and fermentation and Process technology. Through our digital transformation we have significantly improved efficiency and precision by integrating advanced inventory management and ALCOA+ data integrity.

All our R&D endeavours are directed towards creating a superior one-stop CMO/CDMO platform through strong focus on innovation, sustainability, and operational excellence.

Human Resource

We, at Laurus Group, consider human capital to be a critical pillar of growth. We honour the hard-work and unwavering commitment of our people and remain committed to nurturing their growth and well-being. We have a strong and diverse global workforce, with 8,000+ direct employees and 6,800+ indirect employees across our business operations.

We provide various targeted training and development programs to our workforce to keep them motivated. Amidst a dynamic industry landscape, our teams remain well-equipped with appropriate and adequate skill sets spanning on-the-job learning and professional upskilling to specialised programmes focused on adapting to scientific progresses.

We strive to provide work-life balance to all our employees through various initiatives, including annual family day celebrations, childrens development programmes, and comprehensive safety training. We offer an open, safe, diverse, inclusive, conducive and motivated work environment. We conduct town hall meetings, employee surveys, and face-to-face interactions to ensure we remain in touch with our workforce. This aids in better understanding their needs and take feedback. Our aim is to establish a strong bond beyond professional development.

Our hard work has been duly recognised by the GPW Institute who bestowed us with a Great Place to Work title for six consecutive years. This aids in encouraging us further to foster a positive work culture. We have also received several safety awards from governmental and non-governmental bodies, to further cement our focus on employee safety and well-being. During the year under review, industrial relations remained harmonious. We, at Laurus Group, continue to remain steadfast in our commitment to care for all Laureates as we collectively move forward.

Risk Management

The comprehensiveness Risk Management framework ensures safeguarding against various foreseeable threats through strategising measured responses post detailed risk analysis. It is a crucial aspect of decision-making process. We strive to recognise, evaluate, and mitigate potential risks across our business segments resulting in value creation for all stakeholders. The framework comprises a variety of mitigation strategies to deal with risks posing a threat to business continuity amidst an evolving external environment.

For a detailed overview of our risk management approach and key risks, please refer to the initial section of the Integrated Annual Report.

Internal Control Systems

We have devised a comprehensive internal control framework ensuring robust financial reporting, protection of assets and optimisation of operational efficiency. All aspects of business operations are covered under the exhaustive policies and procedures in the framework.

The internal control system ensures strict adherence to various regulatory requirements and internal policies, in alignment with globally recognised standards and practices. It includes rigorous processes for financial reporting, risk management and compliance monitoring. With a view to keep a check on the efficacy of controls and recognise development potential, internal audits are conducted regularly. Independent third-party reviews are also conducted which enables to ensure objectivity and enhance the credibility of the findings.

The internal control framework also aids in the segregation of duties, resulting in assigning responsibilities and minimising probability of errors and fraud. It remains a constant endeavour to streamline operations and reduce manual intervention with the incorporation of latest automated systems and controls in the internal control system. This enhances both accuracy and productivity. To keep the employees updated about compliance and control practices, regular training and awareness programmes are conducted. The Audit Committee periodically reviews and monitors the effectiveness of the controls of the internal control framework. Prompt redressal of any identified issues and ensuring timely corrective measures are the responsibilities of the committee.

Cautionary Statement

This Report contains forward-looking statements, which may be identified by the use of words like plans, expects, will, intends, projects, estimates, or other words of similar meaning. All statements that address expectations, assumptions, or projections about the future, including statements about Laurus Labs Limiteds strategy for growth, market position, expenditures and financial results, are also forward-looking statements. Laurus Labs Limited cannot guarantee that these assumptions and expectations are accurate or will be realised.