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Motilal Oswal Report
Laurus Labs Ltd.'s Q1 FY22 earnings missed our expectations. The robust performances in the finished dosage formulations and synthesis segments were more than offset by a muted show in the active pharma ingredients segment.
That said, in addition to having an established business in the anti-retroviral segment, Laurus Labs is on track to build new levers for future growth in contract development and manufacturing operations and non-ARV API/formulation.
We tweak our FY22E/FY23E earnings per share estimate, factoring in-
Moderation in the API business,
Strong traction in synthesis and FDF, and
Enhanced capacity in the bio business.
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