For
the quarter ending sept 2022, consolidated net sales (including other operating income) of Laurus Labs has increased 30.94% to Rs 1575.89 crore compared to quarter ended sept 2021. Operating profit margin has declined from 28.67% to 28.49%, leading to 30.09% rise in operating profit to Rs 448.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 44.91% to 46.06%. Purchase of finished goods cost fell from 3.13% to 2.61%. Employee cost decreased from 9.52% to 8.69%. Other expenses rose from 15.71% to 16.11%. Other income fell 60.78% to Rs 1.11 crore. PBIDT rose 29.35% to Rs 450.02 crore. Provision for interest rose 81.25% to Rs 40.11 crore. Loan funds rose to Rs 2,094.95 crore as of 30 September 2022 from Rs 1,764.92 crore as of 30 September 2021. Inventories rose to Rs 2,261.35 crore as of 30 September 2022 from Rs 1,895.88 crore as of 30 September 2021. Sundry debtors were higher at Rs 1,732.35 crore as of 30 September 2022 compared to Rs 1,048.23 crore as of 30 September 2021. Cash and bank balance rose to Rs 52.19 crore as of 30 September 2022 from Rs 38.67 crore as of 30 September 2021. Investments rose to Rs 30.09 crore as of 30 September 2022 from Rs 3.41 crore as of 30 September 2021 .
PBDT rose 25.82% to Rs 409.91 crore. Provision for depreciation rose 29.51% to Rs 81.84 crore. Fixed assets increased to Rs 3,453.81 crore as of 30 September 2022 from Rs 2,795.97 crore as of 30 September 2021. Intangible assets declined from Rs 254.91 crore to Rs 246.30 crore.
Profit before tax grew 24.94% to Rs 328.07 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 94.27 crore, compared to Rs 58.64 crore. Effective tax rate was 28.77% compared to 22.33%.
Minority interest decreased 71.71% to Rs 0.58 crore. Net profit attributable to owners of the company increased 15.31% to Rs 232.81 crore. Equity capital increased from Rs 107.32 crore as of 30 September 2021 to Rs 107.47 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 27.27% as of 30 September 2022 ,compared to 27.30% as of 30 September 2021 . Promoters pledged stake was 0.04% as of 30 September 2022
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Laurus Labs has increased 25.50% to Rs 3114.83 crore.
Operating profit margin has declined from 29.83% to 28.99%, leading to 21.97% rise in operating profit to Rs 903.08 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.71% to 45.36%. Purchase of finished goods cost rose from 2.02% to 2.92%. Employee cost decreased from 9.01% to 8.82%. Other expenses rose from 14.59% to 16.28%. Other income fell 67.05% to Rs 2.86 crore. PBIDT rose 20.94% to Rs 905.94 crore. Provision for interest rose 42.31% to Rs 69.36 crore. Loan funds rose to Rs 2,094.95 crore as of 30 September 2022 from Rs 1,764.92 crore as of 30 September 2021. Inventories rose to Rs 2,261.35 crore as of 30 September 2022 from Rs 1,895.88 crore as of 30 September 2021. Sundry debtors were higher at Rs 1,732.35 crore as of 30 September 2022 compared to Rs 1,048.23 crore as of 30 September 2021. Cash and bank balance rose to Rs 52.19 crore as of 30 September 2022 from Rs 38.67 crore as of 30 September 2021. Investments rose to Rs 30.09 crore as of 30 September 2022 from Rs 3.41 crore as of 30 September 2021 .
PBDT rose 19.45% to Rs 836.58 crore. Provision for depreciation rose 25.38% to Rs 152.63 crore. Fixed assets increased to Rs 3,453.81 crore as of 30 September 2022 from Rs 2,795.97 crore as of 30 September 2021. Intangible assets declined from Rs 254.91 crore to Rs 246.30 crore.
Profit before tax grew 18.20% to Rs 683.95 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 197.61 crore, compared to Rs 133.08 crore. Effective tax rate was 28.92% compared to 23.00%.Minority interest decreased 32.60% to Rs 1.53 crore. Net profit attributable to owners of the company increased 9.20% to Rs 484.09 crore.
Equity capital increased from Rs 107.32 crore as of 30 September 2021 to Rs 107.47 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 27.27% as of 30 September 2022 ,compared to 27.30% as of 30 September 2021 . Promoters pledged stake was 0.04% as of 30 September 2022
Cash flow from operating activities decreased to Rs 243.27 crore for YTD ended September 2022 from Rs 315.04 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 416.22 crore, compared to Rs 455.01 crore during the YTD ended September 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 3,219.39 crore as of 31 March 2022 from Rs 2,286.49 crore as of 31 March 2021. Intangible assets stood at Rs 246.30 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
Q2 FY23, Generic FDF business fell 70% to Rs 149 crore on YoY basis. During H1 FY23,
the revenues decreased by 51% YoY to Rs 498 crore. Growth was impacted by lower
ARV business.
API
business reported revenue of Rs 680 Crore during Q2 FY23, increased by 29% YoY.
During H1 FY23 the revenues increased by 17% YoY to Rs 1,263 crore.
During
the quarter, Oncology revenues declined by 30% YoY due to less offtake product
and is expected to recover in H2 FY23.
In
Q2 FY23, Synthesis delivered accelerated growth of 365% to Rs 720 crore on YoY
basis. During H1 the revenues increased 271 % to Rs 1,297 crore. Growth
supported by accelerated demand from new and existing clients
Laurus
Bio segment was largely stable and and clocked Q2 FY23 sales of Rs 27 crore. H1
FY23 sales increased by 43% YoY.
Capex
incurred in H1 FY23 was Rs 416 crore.
R
& D spent stood at Rs 98 crore in H1 FY23 representing 3 % of Revenue.