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For the
quarter ending June 2022, consolidated net sales (including other operating income) of Laurus Labs has increased 20.37% to Rs 1538.94 crore compared to quarter ended june 2021. Operating profit margin has declined from 30.92% to 29.51%, leading to 14.88% rise in operating profit to Rs 454.17 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 50.14% to 44.66%. Purchase of finished goods cost rose from 1.05% to 3.23%. Employee cost increased from 8.57% to 8.94%. Other expenses rose from 13.61% to 16.46%. Other income fell 70.09% to Rs 1.75 crore. PBIDT rose 13.64% to Rs 455.92 crore. Provision for interest rose 9.92% to Rs 29.25 crore. PBDT rose 13.90% to Rs 426.67 crore. Provision for depreciation rose 20.93% to Rs 70.79 crore. Profit before tax grew 12.60% to Rs 355.88 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 103.34 crore, compared to Rs 74.44 crore. Effective tax rate was 29.06% compared to 23.55%. Minority interest increased 331.82% to Rs 0.95 crore. Net profit attributable to owners of the company increased 4.10% to Rs 251.28 crore. Promoters’ stake was 27.27% as of 30 June 2022 ,compared to 27.30% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Laurus Labs has increased 2.54% to Rs 4935.57 crore. Operating profit margin has declined from 32.22% to 28.82%, leading to 8.27% decline in operating profit to Rs 1,422.43 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 46.16% to 44.00%. Purchase of finished goods cost rose from 1.88% to 2.83%. Employee cost increased from 8.49% to 9.73%. Other expenses rose from 13.12% to 15.86%. Other income fell 35.33% to Rs 15.3 crore. PBIDT fell 8.68% to Rs 1437.73 crore. Provision for interest rose 50.22% to Rs 102.39 crore. Loan funds rose to Rs 1,776.66 crore as of 31 March 2022 from Rs 1,481.69 crore as of 31 March 2021. Inventories rose to Rs 1,760.30 crore as of 31 March 2022 from Rs 1,575.45 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,354.18 crore as of 31 March 2022 compared to Rs 1,306.06 crore as of 31 March 2021. Cash and bank balance rose to Rs 75.94 crore as of 31 March 2022 from Rs 48.46 crore as of 31 March 2021. Investments rose to Rs 30.81 crore as of 31 March 2022 from Rs 3.41 crore as of 31 March 2021 . PBDT fell 11.34% to Rs 1335.34 crore. Provision for depreciation rose 22.64% to Rs 251.49 crore. Fixed assets increased to Rs 3,208.56 crore as of 31 March 2022 from Rs 2,286.49 crore as of 31 March 2021. Intangible assets increased from Rs 246.30 crore to Rs 257.13 crore. Profit before tax down 16.70% to Rs 1,083.85 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 251.42 crore, compared to Rs 317.29 crore. Effective tax rate was 23.20% compared to 24.39%. Minority interest increased 1,862.50% to Rs 4.71 crore. Net profit attributable to owners of the company decreased 15.87% to Rs 827.52 crore. Equity capital increased from Rs 107.32 crore as of 31 March 2021 to Rs 107.47 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00. Promoters’ stake was 27.27% as of 31 March 2022 ,compared to 27.45% as of 31 March 2021 . Cash flow from operating activities increased to Rs 911.10 crore for year ended March 2022 from Rs 733.00 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 876.84 crore, compared to Rs 688.77 crore during the year ended March 2021. Other Highlights
In Q1 FY23,
Generic FDF business fell 33% to Rs 349 crore on YoY basis. Growth was impacted
by lower ARV business while Developed market sales stable with higher generic
volumes offset by pricing pressure.
API business
reported revenue of Rs 583 Cr during Q1 FY23, increased by 6% YoY. Oncology
revenues grew at modest pace of +5% YoY.
In Q1 FY23, Synthesis
delivered accelerated growth of 196% to Rs 577 crore on YoY basis. The growth
was supported by solid demand from new and existing clients.
Laurus Bio
segment was largely stable and clocked Q1 sales of Rs 30 crore.
Capex incurred
in Q1 FY23 was Rs 209 crore.
Company commissioned
brownfield capacity expansion at Unit 2 during the quarter.
R & D
spent stood at Rs 49 crore in Q1 FY23 representing 3 % of Revenue.
In Q1 FY23,
generic FDF contributed 23% of total revenue, Synthesis 37%, ARV api 38% and Bio
2%.
Management Comments :
Founder and Chief Executive Officer Dr. Satyanarayana Chava
stated “Laurus Lab`s performance in the first quarter of the current financial
year reflects our efforts towards strengthening and diversifying our business
by an increased focus on Non-ARV APIs and Formulations and high-growth CDMO
segments. This strong momentum has been delivered because of our efforts toward
a sustainable supply chain, capacity creation, and on-time delivery of products
during the current challenging environment. Pricing pressure in ARV APIs and
the Formulation business was significant during this quarter, and ARV FDF
volumes would increase in the coming quarters. The high-margin CDMO business
growth helped the organization deliver very good revenue and profit.
V V Ravi Kumar, ED & Chief Financial Officer said; “In
Q1 FY23, Laurus Lab has continued its strong performance with 20% revenue
growth to ? 1,539 crs, driven by solid growth in our CDMO-Synthesis business.
EBITDA came at ? 454 crs with consistent EBITDA margins of 29.5% as better mix
more than offset for depressed pricing in ARV business. Our ROCE on annualised
basis stood healthy ~29.4% with comfortable Balance sheet position. In Q1,
Laurus Lab invested a total of ? 209 crs Capex and we are on track to execute
on our future capex schedule”.
| Laurus Labs : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 1,538.94 | 1,278.50 | 20.37 | 4,935.57 | 4,813.51 | 2.54 | | OPM (%) | 29.51 | 30.92 | -141 bps | 28.82 | 32.22 | -340 bps | | OP | 454.17 | 395.35 | 14.88 | 1,422.43 | 1,550.68 | -8.27 | | Other Inc. | 1.75 | 5.85 | -70.09 | 15.30 | 23.66 | -35.33 | | PBIDT | 455.92 | 401.20 | 13.64 | 1,437.73 | 1,574.34 | -8.68 | | Interest | 29.25 | 26.61 | 9.92 | 102.39 | 68.16 | 50.22 | | PBDT | 426.67 | 374.59 | 13.90 | 1,335.34 | 1,506.18 | -11.34 | | Depreciation | 70.79 | 58.54 | 20.93 | 251.49 | 205.07 | 22.64 | | PBT | 355.88 | 316.05 | 12.60 | 1083.85 | 1301.11 | -16.70 | | Share of Profit/(Loss) from Associates | -0.31 | 0 | - | -0.2 | 0 | - | | PBT before EO | 355.57 | 316.05 | 12.50 | 1083.65 | 1301.11 | -16.71 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 355.57 | 316.05 | 12.50 | 1083.65 | 1301.11 | -16.71 | | Taxation | 103.34 | 74.44 | 38.82 | 251.42 | 317.29 | -20.76 | | PAT | 252.23 | 241.61 | 4.40 | 832.23 | 983.82 | -15.41 | | Minority Interest (MI) | 0.95 | 0.22 | 331.82 | 4.71 | 0.24 | 1,862.50 | | Net profit | 251.28 | 241.39 | 4.10 | 827.52 | 983.58 | -15.87 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 251.28 | 241.39 | 4.10 | 827.52 | 983.58 | -15.87 | | EPS (Rs)* | 4.68 | 4.49 | 4.10 | 15.40 | 18.30 | -15.87 | | | * EPS is on current equity of Rs 107.47 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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