India's Laurus Labs Ltd reported a 32.1 per cent rise in third-quarter profit on Monday, boosted by strong demand in its businesses that make chemicals and other ingredients used in medicines.

The company's consolidated profit rose to ₹2.03 billion (nearly $25 million) in the three months ended December 31, from ₹1.54 billion a year earlier.

Revenue at Laurus Labs, which also makes hepatitis C and oncology drugs, rose more than 50 per centto ₹15.45 billion.

Laurus Labs said revenue from its Synthesis and active pharmaceutical ingredients (API) businesses, each of which account for more than 40per cent of total revenue, rose 210 per cent and 49 per cent, respectively, in the latest quarter.

Also read:Laurus Labs to buy 72.55% stake in Richcore Life Sciences for Rs. 247 cr

While the Synthesis business manufacturers chemical substances used to make drugs, APIs are key biologically active elements in a drug that help with the desired health effects.

Laurus Labs shares rose as much as 5.3 per cent to ₹360 on Monday after the results, notching their biggest intraday percentage gain since July.

The stock had declined 30.4 per cent in 2022, compared with an 11.4 per cent fall in the Nifty Pharma index.

Also read: Laurus Labs’ Q2 net zooms to ₹242 crore

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