Laurus Labs PAT drops 44% yoy to Rs154cr in Q3FY22; Stock slips 2%

28 Jan 2022 , 09:31 AM

Laurus Labs Ltd has announced its Q3 & 9M FY22 results. On Friday, the company’s stock will be in focus following its earnings.

9M FY22 :

• Revenue at Rs3,511cr, up 3% (yoy)
• EBITDA Rs1,038cr, decreased by 5% (yoy)
• EBITDA margins at 30%
• PAT at Rs597cr, decreased by 13% (yoy)
• PAT margins at 17%
• EPS (Diluted) (face value of Rs2/-) for the period at Rs11.1 per share (not annualised)

Q3 FY22 :

• Total net revenue Rs1,029cr, decreased 20% (yoy)
• EBITDA Rs290cr, decreased by 33% (yoy)
• EBITDA margins at 28%
• PAT at Rs154cr, decreased by 44% (yoy)
• PAT margins at 15% (yoy)
• EPS (Diluted) for the period at Rs2.9 per share (not annualised)

Commenting on the highlights, Founder and Chief Executive Officer Dr. Satyanarayana Chava stated, “Our 9MFY22 results reflects operational resilience overall with better mix and sustained profitability despite of lower revenue from ARV APIs and formulations. Our Q3 results impacted by lower sales of ARV APIs and formulations due to stocking at channel partners and we expect improvement from Q4.

However, Strong momentum in our CDMO business continued this quarter with over 60% growth and also seen healthy rebound in API business (ex-ARV) with activity levels picking up. We continue to sharpen our execution as we focus on positioning our businesses for sustainable long term growth”

Commenting on the results announcement, V V Ravi Kumar, ED & Chief Financial Officer said; “Laurus Labs reported 9MFY22, our Revenues have grown 3% to Rs3,511cr, driven by Strong CDMO business, steady FDF and likely rebound in Other APIs. EBITDA came at Rs1,038cr with EBITDA margins at 30% as better mix compensated for negative operating leverage.

Q3 Revenues of Rs1,029cr, fell 20% YoY, impacted by continued stocking concern in ARV business. Despite a tough environment we have demonstrated healthy Gross Margins expansion due to better mix. EBITDA has declined by 33% to Rs290cr while our EBITDA margins were largely consistent at 28%.”

At around 9:32 AM, Laurus Labs was trading at Rs454.40 per share down by Rs9.4 or 2.03% on the BSE.