India's Laurus Labs slides as profit falls for fourth straight qtr

Laurus Labs

25/01/2024 05:47

** Shares of Laurus Labs  LAUL.NS  fall as much as 10% to
361 rupees, lowest level since Nov. 2
    ** LAUL said on Wednesday its consol net profit fell ~89% to
231.4 mln rupees ($2.8 mln)
    ** Co's consol net profit has fallen between 55% and 90% in
the last four quarters
    ** Antique Stock Broking cuts PT to 333 rupees from 376
rupees, retains "hold"
    ** Says despite expected improvement in margins, unlikely to
grow beyond 21%–22% in FY25
    ** More than 13.2 mln shares change hands, 6.1x its 30-day
avg; on track for most active trading session since Oct. 23
    ** Average rating of 9 analysts covering LAUL is "hold";
stock currently trading at ~7% premium to median PT of 340
rupees - LSEG data
    ** Stock has fallen over 14% so far in January


($1 = 83.1300 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))