Drugmaker on Thursday reported a 44% year-on-year (YoY) drop in net profit at Rs 154 crore in Q3FY22 due to lower sales from sales of antiretroviral (ARV) active pharmaceutical ingredients (APIs) and formulations.
The company had reported a net profit of Rs 273 crore during the same period of the previous year.
Revenues declined 20% YoY to Rs 1,029 crore in Q3FY22 compared to Rs 1,288 crore last year.
The earnings before interest, tax, depreciation and amortization (EBITDA) decreased 17% YoY to Rs 290 crore. The EBITDA margins dropped by 540 basis points to 28.2%.
“Our Q3 results were impacted by lower sales of ARV APIs and formulations due to stocking at channel partners and we expect improvement from Q4,” said Satyanarayana Chava, founder and CEO of Laurus Labs.
“However, strong momentum in our CDMO business continued this quarter with over 60% growth and we saw a healthy rebound in API business (ex-ARV) with activity levels picking up. We continue to sharpen our execution as we focus on positioning our businesses for sustainable long term growth,” Chava added.
Sales of APIs contribute about 43% of the company’s sales, while 39% comes from formulations and the remaining from custom synthesis.
Laurus has cumulatively filed 30 abbreviated new drug applications (ANDAs) in the US with 14 Para IV filings and 10 FTF opportunities.
The company said the brownfield expansion at its facilities will add significant operational capacity by the beginning of FY23.
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