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Results
28-Jul-23
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Analysis
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Laurus Labs
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NP down 90.11%
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For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Laurus Labs has declined 23.21% to Rs 1181.79 crore compared to quarter ended June 2022. Operating profit margin has declined from 29.51% to 14.11%, leading to 63.29% decline in operating profit to Rs 166.72 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.66% to 45.61%. Purchase of finished goods cost fell from 3.23% to 2.29%. Employee cost increased from 8.94% to 13.94%. Other expenses rose from 16.46% to 23.63%. Other income rose 105.71% to Rs 3.6 crore. PBIDT fell 62.64% to Rs 170.32 crore. Provision for interest rose 33.98% to Rs 39.19 crore. PBDT fell 69.27% to Rs 131.13 crore. Provision for depreciation rose 27.91% to Rs 90.55 crore. Profit before tax down 88.60% to Rs 40.58 crore. Share of profit/loss was 419.35% lower at Rs -1.61 crore. Provision for tax was expense of Rs 12.18 crore, compared to Rs 103.34 crore. Effective tax rate was 31.25% compared to 29.06%. Minority interest increased 104.21% to Rs 1.94 crore. Net profit attributable to owners of the company decreased 90.11% to Rs 24.85 crore. Promoters’ stake was 27.20% as of 30 June 2023 ,compared to 27.27% as of 30 June 2022 . Promoters pledged stake was 0.04% as of 30 June 2023
Full year results analysis.
Net sales (including other operating income) of Laurus Labs has increased 22.39% to Rs 6040.55 crore. Operating profit margin has declined from 28.82% to 26.36%, leading to 11.93% rise in operating profit to Rs 1,592.19 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.00% to 43.14%. Purchase of finished goods cost fell from 2.83% to 2.59%. Employee cost decreased from 9.73% to 9.65%. Other expenses rose from 15.86% to 18.17%. Other income fell 60.78% to Rs 6 crore. PBIDT rose 11.16% to Rs 1598.19 crore. Provision for interest rose 61.31% to Rs 165.17 crore. Loan funds rose to Rs 2,015.09 crore as of 31 March 2023 from Rs 1,776.66 crore as of 31 March 2022. Inventories declined from Rs 1,760.30 crore as of 31 March 2022 to Rs 1,684.81 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,580.44 crore as of 31 March 2023 compared to Rs 1,354.18 crore as of 31 March 2022. Cash and bank balance declined from Rs 75.94 crore as of 31 March 2022 to Rs 48.46 crore as of 31 March 2023. Investments rose to Rs 49.90 crore as of 31 March 2023 from Rs 30.81 crore as of 31 March 2022 . PBDT rose 7.31% to Rs 1433.02 crore. Provision for depreciation rose 28.86% to Rs 324.08 crore. Fixed assets increased to Rs 3,700.17 crore as of 31 March 2023 from Rs 3,219.39 crore as of 31 March 2022. Intangible assets increased from Rs 246.30 crore to Rs 259.23 crore. Profit before tax grew 2.31% to Rs 1,108.94 crore. Share of profit/loss was 1,505% lower at Rs -3.21 crore. Provision for tax was expense of Rs 312.3 crore, compared to Rs 251.42 crore. Effective tax rate was 28.24% compared to 23.20%. Minority interest decreased 29.51% to Rs 3.32 crore. Net profit attributable to owners of the company decreased 4.52% to Rs 790.11 crore. Equity capital increased from Rs 107.47 crore as of 31 March 2022 to Rs 107.73 crore as of 31 March 2023. Per share face Value remained same at Rs 2.00. Promoters’ stake was 27.20% as of 31 March 2023 ,compared to 27.27% as of 31 March 2022 . Promoters pledged stake was 0.04% as of 31 March 2023 Cash flow from operating activities increased to Rs 993.90 crore for year ended March 2023 from Rs 911.10 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 990.16 crore, compared to Rs 876.84 crore during the year ended March 2022. Other Highlights
In
Q1 FY24, Generic FDF business fell 18% to Rs 285 crore on YoY basis, due to seasonally lower offtake in ARV business coupled with weak
pricing.
API
business reported revenue of Rs 597 Crore during Q1 FY24, increased by 2% YoY.
CDMO in Q1 FY24 declined by 57% YoY to Rs
250 crore due to comparison with Q1 FY23 given large PO supplies last year.
Laurus Bio segment Delivered growth of +67%
YoY in Q1 FY24.
Company expects to spend Rs1000 crore in
FY24 Capex. Q1 FY24 Capex was reported at Rs 203 crore; 17% of Revenue.
Company recorded R&D spent of Rs 47
crore, representing 4% of Revenue in Q1 FY24.
In Q1 FY24, generic FDF contributed 24% of
total revenue, CDMO 21%, API 51% and Bio 4%. Management Comments : Founder and Chief Executive Officer Dr.
Satyanarayana Chava stated “While our operating results this quarter were
primarily impacted by lower sales, operational deleverage and elevated
expenses, the underlying demand for key growth portfolio within Non-ARVs
generics and CDMO progress remains strong and healthy. ARV business have
incrementally stabilised on overall basis and therefore we remain optimistic in
our H2 growth prospects as indicated earlier. During the quarter, Laurus
continued to advance its R&D driven commercial strategy by successful
signing its first multi-year commercial partnership in Crop science and further
deepening commitment into emerging CGT technology platform. Our CDMO growth
projects are on track with Animal health manufacturing block commissioned
recently and dedicated R&D centre coming online in late FY24. We remain
committed to ensuring greater business resilience and long term performance,
with growing scientific capabilities remaining the source of our company’s
energy and value creation.”
Commenting on the results, V V Ravi Kumar,
Executive Director & Chief Financial Officer said; “We delivered subdued
financial performance for Q1FY24. We achieved ? 1,182 crs in revenues,
representing 23% decline, and ? 168 crs EBITDA, resulting to 14.2% margin.
Performance mainly affected by operational deleverage, material drop in the
CDMO business, price fall in ARV portfolio over last year. We are anticipating
rebound from H2, with recovering revenue trend, positives from cost improvement
programs and raw material price stabilisation. Our future capex projects
towards strengthening CDMO and Bio division is advancing as per schedule and
Debt leverage position remains comfortable”
Laurus Labs : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 1,181.79 | 1,538.94 | -23.21 | 6,040.55 | 4,935.57 | 22.39 | OPM (%) | 14.11 | 29.51 | -1,540 bps | 26.36 | 28.82 | -246 bps | OP | 166.72 | 454.17 | -63.29 | 1,592.19 | 1,422.43 | 11.93 | Other Inc. | 3.60 | 1.75 | 105.71 | 6.00 | 15.30 | -60.78 | PBIDT | 170.32 | 455.92 | -62.64 | 1,598.19 | 1,437.73 | 11.16 | Interest | 39.19 | 29.25 | 33.98 | 165.17 | 102.39 | 61.31 | PBDT | 131.13 | 426.67 | -69.27 | 1,433.02 | 1,335.34 | 7.31 | Depreciation | 90.55 | 70.79 | 27.91 | 324.08 | 251.49 | 28.86 | PBT | 40.58 | 355.88 | -88.60 | 1108.94 | 1083.85 | 2.31 | Share of Profit/(Loss) from Associates | -1.61 | -0.31 | -419.35 | -3.21 | -0.2 | -1,505.00 | PBT before EO | 38.97 | 355.57 | -89.04 | 1105.73 | 1083.65 | 2.04 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 38.97 | 355.57 | -89.04 | 1105.73 | 1083.65 | 2.04 | Taxation | 12.18 | 103.34 | -88.21 | 312.3 | 251.42 | 24.21 | PAT | 26.79 | 252.23 | -89.38 | 793.43 | 832.23 | -4.66 | Minority Interest (MI) | 1.94 | 0.95 | 104.21 | 3.32 | 4.71 | -29.51 | Net profit | 24.85 | 251.28 | -90.11 | 790.11 | 827.52 | -4.52 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 24.85 | 251.28 | -90.11 | 790.11 | 827.52 | -4.52 | EPS (Rs)* | 0.46 | 4.67 | -90.11 | 14.67 | 15.36 | -4.52 | | * EPS is on current equity of Rs 107.73 crore, Face value of Rs 2, Excluding extraordinary items. | # EPS is not annualised | bps : Basis points | EO : Extraordinary items | Figures in Rs crore | Source: Capitaline Corporate Database |
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