Laurus Labs’ net profit declined 84 per cent at ₹37 crore in the second quarter ended September 30, 2023, compared to ₹233 crore in the corresponding quarter of the previous financial year. Total revenue of the Hyderabad-based company declined 22 per cent at ₹1,224 crore. This was “particularly from strong CDMO-Synthesis revenues in the base year”, said the company in a release.
Research & Development expenditure was at ₹58 crore, and amounted to about 4.7 per cent of the revenues. In the first half ended September, revenue declined 23 per cent at ₹2,406 crore, impacted by particularly strong CDMO-Synthesis revenues in base year, partly offset by improved performance in API and FDF segment, said the company.
“Second quarter operating results started to improve and the health of our businesses is intact. Momentum in generic business has picked up during the quarter and CDMO-Synthesis is stable with a healthy scale-up in project pipeline, along with expansion of our strategic partnerships,’‘ said Satyanarayana Chava, the founder and Chief Executive Officer.