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ICICI Direct Report
Laurus Labs Ltd. reported tepid Q2 FY22 results. Sales were up 5.7% YoY to Rs 1,203.5 crore. Ebitda in Q2 FY22 was at Rs 345.1 crore, down 7.7% YoY with margins at 28.7%. Consequent PAT was at Rs 201.9 crore (down 16.7% YoY).
Key triggers for future price performance:
Formulations: Product launches in anti-diabetic (FY23) and CV portfolio (FY24) in the U.S. and Europe. Brownfield project to double capacity by FY22.
API: Robust order-book in anti-diabetic, CV and PPI, brownfield capacity addition (FY22) and has leadership position in APIs like ARVs, CVS, Onco, etc.
Synthesis: Well-positioned to meet fast growing global demand for NCE drug substance and drug products. Setting up dedicated R&D Centre (operational FY23) and greenfield manufacturing unit (FY24).
Biologics: Expanding the biologics CDMO at scale. Commercial scale-up of the new fermentation capacity (food proteins).
Laurus is evolving as a strong vertically integrated player with strong order book visibility and incremental traction from custom synthesis
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