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Business EconomyPosted at: Aug 2 2019 7:43PM


Laurus Labs PAT dips in Q1 FY19-20

Hyderabad, Aug 2 (UNI) Laurus Labs Limited, a city-based drug maker, on Friday reported its Profit After Tax (PAT) for the quarter ended June 30, 2019 in the current financial year 2019-20, at INR 151 mn as against INR 166 mn achieved during the first quarter in the last fiscal 2018-19.

The Company’s Net Revenues from operation went up by 2.2 per cent to INR 5,506 mn during the first quarter in this fiscal as against INR 5,390 mn in the corresponding quarter in the last financial year 2018-19, the Pharmaceutical company said in a statement here.

Commenting on the results, the Company CEO Dr Satyanarayana Chava claimed that we have started the financial year by achieving a major milestone as we executed a major order worth INR 798 mn in our Formulations business for LMIC ( Low & Middle. Income Countries).

We expect to execute similar value orders in coming quarters as well, he said that we are forseeing good traction in North America and Europe in our Formulations business. Our API Generics business witnessed a slowdown mainly because of lower ARV and HEP-C(Hepatitis-C) API sales, he added.

As there is a shift in the treatment regimen, and new tender in South Africa, we are witnessing a deferment in off-take from key customers, he said we have visibility to recoup growth from second quarter onwards.

We remain confident of maintaining growth trajectory in the Generic API business for FY20, he said.

On the regulatory side, we have successfully completed the USFDA audit for Unit 1 and 3, with 2 procedural observations and Unit 4 successfully completed its maiden USFDA audit with Zero observations, Dr Satyanarayana said.

“I am very confident that FY 20 will have a significant improvement in Margins & PAT,” he added.

Commenting on the results announcement, Chief Financial Officer and Executive Director, V V Ravi Kumar said during the quarter, we have seen improvement in Gross Margin profile mainly led by improved product mix. However, our EBITDA margins were impacted mainly because of lower revenue and higher expenditure related to ramp up in production activities and higher Insurance cost.

All our new units have started contributing from Q1 FY20 and we expect higher contribution from these units to result in better Revenues and Margins in FY20, he added.

Laurus Labs, which is one of the leading manufacturers of Active Pharmaceutical Ingredients (APIs) for anti-retroviral (ARV) and Hepatitis C, also manufactures APIs in Oncology and other therapeutic areas.

The company has also ventured into develop a Finished Dosages Forms on the back of existing strengths in APIs with a current capacity of 5 billion units per year, expandable up to 8 billion units per year.

The Company is also driving growth opportunities in the Synthesis and Ingredients businesses, Mr Kumar said.
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