India's Laurus Labs posts 32% profit jump on demand for drug ingredients

Laurus Labs

30/01/2023 07:05

BENGALURU, Jan 30 (Reuters) - India's Laurus Labs Ltd
 LAUL.NS  reported a 32.1% 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
rupees (nearly $25 million) in the three months ended Dec. 31,
from 1.54 billion rupees a year earlier.
    Revenue at Laurus Labs, which also makes hepatitis C and
oncology drugs, rose more than 50% to 15.45 billion rupees.
    Laurus Labs said revenue from its Synthesis and active
pharmaceutical ingredients (API) businesses, each of which
account for more than 40% of total revenue, rose 210% and 49%,
respectively, in the latest quarter.
    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's shares rose as much as 5.3% to 360 rupees on
Monday after the results, notching their biggest intraday
percentage gain since July.
    The stock had declined 30.4% in 2022, compared with an 11.4%
fall in the Nifty Pharma index  .NIPHARM .
 
 ($1 = 81.6750 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio
D'Souza)
 ((kashish.tandon@thomsonreuters.com))