India's Laurus Labs "testing patience" after Q1 profit slump - Kotak

Laurus Labs

28/07/2023 10:06

** Shares of India's Laurus Labs  LAUL.NS  down as much as
3.61% at 331.50 rupees
    ** Co "testing patience" of investors as core profit margins
sink to 19-qtr low - brokerage Kotak
    ** Weakness in core business over past 2 yrs certainly
unsettling - Kotak
    ** Adds all eyes on core Synthesis business after boost from
COVID-19 drug Paxlovid gone
    ** Rating house retains "reduce", but raises PT to 300
rupees from 285 rupees
    ** LAUL posted 90% slump in Q1 profit, rev slid 23%
    ** More than 7.9 mln shares changed hands by 2:16 p.m. IST, 
3.7x 30-day avg
    ** Avg recommendation of 11 analysts "hold"; median PT 315
rupees - Refinitiv data
    ** Including session's losses, LAUL has fallen ~11% so far

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))