Laurus Labs Q3 Review - Vertically Integrated Story Panning Out: ICICI Direct
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ICICI Direct Report
Laurus Labs Ltd.’s Q3 revenues grew approximately 76.6% to Rs 1,288 crore amid strong growth across segments driven by 103.5% YoY jump in active pharmaceutical ingredient segment to Rs 731 crore amid strong traction in antiviral APIs to Rs 568 crore (2.65 times YoY) driven by higher volume of first-line products.
Formulations revenue grew 47.2% YoY to Rs 430 crore on the back of higher tender business from low-to-middle-income countries and higher volumes from U.S., Europe.
Contract research and manufacturing services business grew 62.4% YoY to Rs 127 crore.
Ebitda margins improved 1,278 basis points to 33.1% due to better product mix and improved operating leverage.
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