Laurus Labs Ltd posts Q4FY21 consolidated PAT higher at Rs. 296.68 crores

Laurus Labs Ltd has reported financial results for the period ended March 31, 2021.

Financial Results (Q4 FY20-21) - QoQ Comparison

The company has reported total income of Rs.1416.45 crores during the period ended March 31, 2021 as compared to Rs.1295.35 crores during the period ended December 31, 2020.

The company has posted net profit / (loss) of Rs.296.68 crores for the period ended March 31, 2021 as against net profit / (loss) of Rs.272.85 crores for the period ended December 31, 2020.

The company has reported EPS of Rs.5.50 for the period ended March 31, 2021 as compared to Rs.5.07 for the period ended December 31, 2020.

Financials	Q4 FY20-21	Q3 FY20-21	% Change
Total Income	₹ 1416.45 crs	₹ 1295.35 crs	9.35%
Net Profit	₹ 296.68 crs	₹ 272.85 crs	8.73%
EPS	₹ 5.50	₹ 5.07	8.48%

Financial Results (Q4 FY20-21) - YoY Comparison

The company has reported total income of Rs.1416.45 crores during the period ended March 31, 2021 as compared to Rs.840.82 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.296.68 crores for the period ended March 31, 2021 as against net profit / (loss) of Rs.110.15 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.5.50 for the period ended March 31, 2021 as compared to Rs.2.06 for the period ended March 31, 2020.

Financials	Q4 FY20-21	Q4 FY19-20	% Change
Total Income	₹ 1416.45 crs	₹ 840.82 crs	68.46%
Net Profit	₹ 296.68 crs	₹ 110.15 crs	169.34%
EPS	₹ 5.50	₹ 2.06	166.99%

Financial Results (Year ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.4837.17 crores during the 12 months period ended March 31, 2021 as compared to Rs.2837.64 crores during the 12 months period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.983.58 crores for the 12 months period ended March 31, 2021 as against net profit / (loss) of Rs.255.27 crores for the 12 months period ended March 31, 2020.

The company has reported EPS of Rs.18.28 for the 12 months period ended March 31, 2021 as compared to Rs.4.79 for the 12 months period ended March 31, 2020.

Financials	Year Ended FY20-21	Year Ended FY19-20	% Change
Total Income	₹ 4837.17 crs	₹ 2837.64 crs	70.46%
Net Profit	₹ 983.58 crs	₹ 255.27 crs	285.31%
EPS	₹ 18.28	₹4.79	281.63%

Commenting on the results announcement, Dr. Satyanarayana Chava - Founder & CEO,said; "FY2021 was an extraordinary year for Laurus Labs and another year of strong progress for us. We delivered a strong performance in all divisions, and we are very confident in strengthening on it further in FY 2022 and beyond. I am extremely happy to share that we have registered a sales increase of INR 1981 Crores in a single financial year.

With the acquisition of majority stake in Richcore Life Sciences Pvt Limited, which is renamed as Laurus Bio, Laurus Labs entered into high-growth biotechnology space. The acquisition gives us fermentation capabilities and helps us in diversification into newer areas, including recombinant products with a medium-to-long-term target of building vertically integrated biotech contract development and manufacturing organization. Our integrated strategy is delivering the outcomes and we are continuing to invest in the future to drive sustainable long-term growth.

Our Formulations business led by LMIC tender business continues to deliver robust growth resulting in ~ 35% revenue contribution for the year. Along with the Tender business, we also see many new opportunities in developed markets of North America & Europe. APIs business has also done well with a revenue contribution of 54%, the growth led by higher volumes of all key first-line ARV APIs and Second-line ARV APIs sales picked up in FY2021. We are expanding our current capacities for key APIs to meet the increased demand for third-party API sales. We expect to file 8-10 ANDAs next year as we see many long-term opportunities in the US generics space.

Our Custom Synthesis business has contributed 11% revenues and demonstrated a robust growth led by commercial and late stage clinical supplies. We expect this business to achievescale in the coming years. We expect Laurus Bio will also start contributing positively in the coming quarters.

I'm extremely proud of the agility and resilience our teams have shown in the face of this challenge since last year. With the improvement in margins and profitability in FY21 and given the variable factor of COVID19, I remain highly optimistic about delivering superior performance."

Mr. V.V Ravi Kumar, Executive Director & Chief Financial Officer "We are happy that Laurus Labs has registered INR 1412 Crs in Q4 and INR 4814 Crs, Total Revenues from Operations, in the full year, FY 2021. An increase of INR 1981 Crs from the FY2020. Our Gross Margins continue to grow on the back of better product mix and improved sales from API, FDF & Custom Synthesis businesses. With Laurus Bio joining the league this financial year, we expect this divison will grow significantly in FY 22. Our performance focus is on growth driven by superior execution and completing our Future Ready stregy with manufacturing capacity expansions - combination of brown and greenfield in API, FDF and Synthesis divisions.

With the improvement in our Asset turns for all our major units, our EBITDA margins showed a meaningful improvement at 33 % for FY21. All our greenfield units continue cash positive and reported a pre-tax ROCE of 40 %. With sustained business opportunities and a strong order book for FY22,we remain confident of achieving sustainable return ratios in the FY2021-22 and beyond."

Shares of Laurus Labs Ltd was last trading in BSE at Rs.474.45 as compared to the previous close of Rs. 467.35. The total number of shares traded during the day was 278743 in over 8547 trades.

The stock hit an intraday high of Rs. 477 and intraday low of 464. The net turnover during the day was Rs. 131668449.

Source : Equity Bulls

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