Laurus Labs Q1 results: Net profit up 11 times to Rs 172 crore

Hyderabad: Laurus Labs Limited's net profit for the quarter ended June 30 increased over 11 times to Rs 172 crore against Rs 15 crore during the same period in FY20, the company said.

Revenues from operations were up 77 per cent during the quarter under discussion to Rs 974 crore, a press release said.

It was Rs 551 crore in the first quarter of the last fiscal.

Satyanarayana Chava, Founder and CEO, said "Despite the challenges posed by COVID-19 we have clocked a Revenue growth of 77 per cent in the quarter. Our Formulations business continues to grow at a higher rate mainly led by higher (Low andMiddle Income Countries) LMIC business. The revenue contribution from the Formulations division has now grown to 36 per cent. Custom Synthesis business has maintained its growth trajectory with strong contribution from all the divisional segments."

The AntiViral API (active pharmaceutical ingredient) portfolio has showcased a strong revenue growth of 19 per cent on the back of higher volumes, he said.

The city-based drug-maker in a filing with BSE, said the Board has fixed September 30, 2020 as the "Record Date" for the sub-division of equity shares of the company from existing face value of Rs 10 each to face value of Rs 2.