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For
the quarter ending Dec 2022, consolidated Net sales (including other operating income) of Laurus Labs has increased 50.16% to Rs 1544.82 crore compared to quarter ended Dec 2021. Operating profit margin has declined from 27.73% to 26.12%, leading to 41.46% rise in operating profit to Rs 403.57 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.86% to 39.87%. Purchase of finished goods cost rose from 3.14% to 3.55%. Employee cost decreased from 11.50% to 10.10%. Other expenses rose from 18.61% to 18.82%. Other income fell 73.17% to Rs 1.43 crore. PBIDT rose 39.36% to Rs 405 crore. Provision for interest rose 84.89% to Rs 42.71 crore. PBDT rose 35.43% to Rs 362.29 crore. Provision for depreciation rose 31.90% to Rs 84.44 crore. Profit before tax grew 36.54% to Rs 277.85 crore. Share of profit/loss was 2,500% lower at Rs -0.52 crore. Provision for tax was expense of Rs 74.79 crore, compared to Rs 48.53 crore. Effective tax rate was 26.97% compared to 23.85%. Net profit attributable to owners of the company increased 32.08% to Rs 203.04 crore. Promoters’ stake was 27.20% as of 31 December 2022 ,compared to 27.27% as of 31 December 2021 . Promoters pledged stake was 0.04% as of 31 December 2022
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Laurus Labs has increased 32.73% to Rs 4659.65 crore. Operating profit margin has declined from 29.22% to 28.04%, leading to 27.39% rise in operating profit to Rs 1,306.65 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.54% to 43.71%. Purchase of finished goods cost rose from 2.33% to 3.11%. Employee cost decreased from 9.70% to 9.20%. Other expenses rose from 15.70% to 17.05%. Other income fell 69.38% to Rs 4.29 crore. PBIDT rose 26.08% to Rs 1310.94 crore. Provision for interest rose 56% to Rs 112.07 crore. PBDT rose 23.86% to Rs 1198.87 crore. Provision for depreciation rose 27.63% to Rs 237.07 crore. Profit before tax grew 22.97% to Rs 961.80 crore. Share of profit/loss was 6,100% lower at Rs -1.24 crore. Provision for tax was expense of Rs 272.4 crore, compared to Rs 181.61 crore. Effective tax rate was 28.36% compared to 23.22%.Minority interest decreased 70.49% to Rs 1.03 crore. Net profit attributable to owners of the company increased 15.09% to Rs 687.13 crore. Promoters’ stake was 27.20% as of 31 December 2022 ,compared to 27.27% as of 31 December 2021 . Promoters pledged stake was 0.04% as of 31 December 2022
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
Q3 FY23, Generic FDF business fell 33% to Rs 249 crore on YoY basis. During 9M
FY23, the revenues increased by 46% YoY to Rs 747 crore. Growth is impacted by lower demand and adverse price in the ARV
formulations.
API
business reported revenue of Rs 632 Crore during Q3 FY23, increased by 49% YoY.
During 9M FY23 the revenues increased by 26% YoY to Rs 1895 crore.
During 9M FY23, 8 product dossiers were
filed in Developed markets and a total of 10 approvals were received (including
Tentative).
Other APIs registered strong growth in Q3
FY23 and 9M FY23 at 33% Yoy and 65% YoY respectively following ramp up in the
new contract supplies.
In
Q3 FY23, Synthesis delivered growth of 210% to Rs 642 crore on YoY basis. During
9M FY23 the revenues increased 248 % to Rs 1939 crore. Growth supported by favourable market trends along with execution of commercial projects.
Laurus
Bio segment clocked Q3 FY23 sales of Rs 22 crore. 9M
sales increased by 22% YoY.
R&D spent of Rs 153 crore and at 4% of
Revenue in 9M FY23.
In
9M FY23, generic FDF contributed 16% of total revenue, Synthesis 41%, ARV api
41% and Bio 2%.
Management Comments :
Founder and Chief Executive Officer Dr.
Satyanarayana Chava stated “Our Q3 and 9M of 2023 results reflects sustained
business momentum across our key growth drivers, which is visible in our
commercial execution within CDMO, and Non-ARVs generic portfolio. The growth is
also supported by anticipated recovery in ARV FDF segment, which is likely to
continue despite pricing challenges. Our recent success with the Global funds
HIV procurement as ‘Panel Supplier’ demonstrates our committed to the cause of
HIV. We also made additional advancements in our R&D initiatives and
brought new capacities on line. We continue to execute on our strategy,
prioritize investment into durable growth pillars, scaling up capacities and
deliver profitable growth in long run.”
V V Ravi Kumar, Executive Director &
Chief Financial Officer said; “We are pleased to report another strong quarter
with operational results on expected lines. In Q3 FY23, Laurus Lab clocked 50%
revenue growth to ? 1,545 crs, driven by continued strong demand in our
CDMO-Synthesis business and steady ramp up in API business. During 9M FY23, our
overall operational performance was healthy; Revenues are up 33% to ? 4,660 crs
and EBITDA grew by 26% with EBITDA margins of ~ 28%. Our ROCE on annualised
basis stood healthy ~26% with comfortable Balance sheet position.. We believe
our Capital allocation framework including commitment towards diversification
and strengthening non-ARV portfolio, building niche capabilities, and improving
operational efficiency will continue to be in force in creating long term
value”.
| Laurus Labs : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,544.82 | 1,028.76 | 50.16 | 4,659.65 | 3,510.74 | 32.73 | 4,935.57 | 4,813.51 | 2.54 | | OPM (%) | 26.12 | 27.73 | -161 bps | 28.04 | 29.22 | -117 bps | 28.82 | 32.22 | -340 bps | | OP | 403.57 | 285.29 | 41.46 | 1,306.65 | 1,025.72 | 27.39 | 1,422.43 | 1,550.68 | -8.27 | | Other Inc. | 1.43 | 5.33 | -73.17 | 4.29 | 14.01 | -69.38 | 15.30 | 23.66 | -35.33 | | PBIDT | 405.00 | 290.62 | 39.36 | 1,310.94 | 1,039.73 | 26.08 | 1,437.73 | 1,574.34 | -8.68 | | Interest | 42.71 | 23.10 | 84.89 | 112.07 | 71.84 | 56.00 | 102.39 | 68.16 | 50.22 | | PBDT | 362.29 | 267.52 | 35.43 | 1,198.87 | 967.89 | 23.86 | 1,335.34 | 1,506.18 | -11.34 | | Depreciation | 84.44 | 64.02 | 31.90 | 237.07 | 185.75 | 27.63 | 251.49 | 205.07 | 22.64 | | PBT | 277.85 | 203.50 | 36.54 | 961.8 | 782.14 | 22.97 | 1083.85 | 1301.11 | -16.70 | | Share of Profit/(Loss) from Associates | -0.52 | -0.02 | -2,500.00 | -1.24 | -0.02 | -6,100.00 | -0.2 | 0 | - | | PBT before EO | 277.33 | 203.48 | 36.29 | 960.56 | 782.12 | 22.81 | 1083.65 | 1301.11 | -16.71 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 277.33 | 203.48 | 36.29 | 960.56 | 782.12 | 22.81 | 1083.65 | 1301.11 | -16.71 | | Taxation | 74.79 | 48.53 | 54.11 | 272.4 | 181.61 | 49.99 | 251.42 | 317.29 | -20.76 | | PAT | 202.54 | 154.95 | 30.71 | 688.16 | 600.51 | 14.60 | 832.23 | 983.82 | -15.41 | | Minority Interest (MI) | -0.5 | 1.22 | LP | 1.03 | 3.49 | -70.49 | 4.71 | 0.24 | 1,862.50 | | Net profit | 203.04 | 153.73 | 32.08 | 687.13 | 597.02 | 15.09 | 827.52 | 983.58 | -15.87 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 203.04 | 153.73 | 32.08 | 687.13 | 597.02 | 15.09 | 827.52 | 983.58 | -15.87 | | EPS (Rs)* | 3.77 | 2.85 | 32.08 | 12.76 | 11.08 | 15.09 | 15.36 | 18.26 | -15.87 | | | * 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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