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Laurus Labs gains as Street cheers CEO’s bullishness on new pharma products

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Laurus Labs Ltd, on Thursday, posted a 23 percent fall in consolidated net profit to Rs 230 crore in the quarter ended March 2022. Satyanarayana Chava, Founder and Chief Executive Officer at Laurus Labs said the company has two big launches in the financial year 2023 and he expects $1 billion sales in FY23.

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Laurus Labs Ltd, on Thursday, posted a 23 percent fall in consolidated net profit to Rs 230 crore in the quarter ended March 2022. At 3 pm, shares of the company were trading close to 2 percent higher at Rs 583 on the BSE.
Revenue from operations for the fourth quarter stood at Rs 1,425 crore, registering a growth of 1 percent year on year while profit before tax (PAT) declined 25 percent to Rs 302 crore.
The company's profitability was dented after it reported an 11 percent increase in total expenses to Rs 1,124 crore in the quarter ended March.
Satyanarayana Chava, Founder and Chief Executive Officer at Laurus Labs said he expects $1 billion in sales in FY23.
“Overall we see good growth ahead of us. We are very comfortable to reach our goal of clocking $1 billion in sales in FY23,” he said.
The biggest growth was seen in the Contract Development and Manufacturing Company (CDMO) division, he said.
In FY23, the company has two big launches. He expects the approvals to come by soon.
“We are also launching a few products in Europe this year. So our growth in formulations will come from non-ARV business. Our growth in FY21 and FY22 came in from the antiretroviral (ARV) business,” he mentioned.
The China factor did impact the API (active pharmaceutical ingredient) segment in Q4.
For the full interview, watch the accompanying video
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