Results - Analysis
OPM jumped by 768 bps
On consolidated basis
Quarter ended March 2025 compared with Quarter ended March 2024.
Net sales (including other operating income) of Laurus Labs has increased 19.49% to Rs 1720.3 crore. Operating profit margin has jumped from 16.77% to 24.45%, leading to 74.17% rise in operating profit to Rs 420.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.81% to 39.48%. Purchase of finished goods cost fell from 3.02% to 1.41%. Employee cost decreased from 11.94% to 11.20%. Other expenses fell from 23.34% to 21.39%.
Other income rose 216.08% to Rs 58.57 crore. PBIDT rose 84.28% to Rs 479.17 crore. Provision for interest rose 11.68% to Rs 56.4 crore. Loan funds rose to Rs 2,763.73 crore as of 31 March 2025 from Rs 2,577.40 crore as of 31 March 2024. Inventories rose to Rs 1,936.54 crore as of 31 March 2025 from Rs 1,845.41 crore as of 31 March 2024. Sundry debtors were higher at Rs 2,007.16 crore as of 31 March 2025 compared to Rs 1,662.92 crore as of 31 March 2024. Cash and bank balance rose to Rs 144.21 crore as of 31 March 2025 from Rs 141.65 crore as of 31 March 2024. Investments rose to Rs 233.26 crore as of 31 March 2025 from Rs 123.98 crore as of 31 March 2024 .
PBDT rose 101.78% to Rs 422.77 crore. Provision for depreciation rose 8% to Rs 110.43 crore. Fixed assets increased to Rs 4,335.28 crore as of 31 March 2025 from Rs 4,066.55 crore as of 31 March 2024. Intangible assets stood at Rs 246.30 crore.
Profit before tax grew 191.17% to Rs 312.34 crore. Share of profit/loss was 266.67% lower at Rs -1.1 crore. Provision for tax was expense of Rs 78.47 crore, compared to Rs 31.95 crore. Effective tax rate was 25.21% compared to 29.87%.
Minority interest decreased 52.54% to Rs -0.90 crore. Net profit attributable to owners of the company increased 209.05% to Rs 233.67 crore.Equity capital increased from Rs 107.79 crore as of 31 March 2024 to Rs 107.85 crore as of 31 March 2025. Per share face Value remained same at Rs 2.00.
Promoters' stake was 27.62% as of 31 March 2025 ,compared to 27.19% as of 31 March 2024 . Promoters pledged stake was 2.69% as of 31 March 2025
Full year results analysis.
Net sales (including other operating income) of Laurus Labs has increased 10.18% to Rs 5553.96 crore. Operating profit margin has jumped from 15.42% to 19%, leading to 35.73% rise in operating profit to Rs 1,055.28 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.11% to 43.29%. Purchase of finished goods cost fell from 2.16% to 1.88%. Employee cost increased from 12.45% to 12.83%. Other expenses rose from 23.16% to 23.19%.
Other income rose 185.12% to Rs 75.1 crore. PBIDT rose 40.62% to Rs 1130.38 crore. Provision for interest rose 18.10% to Rs 216 crore. Loan funds rose to Rs 2,763.73 crore as of 31 March 2025 from Rs 2,577.40 crore as of 31 March 2024. Inventories rose to Rs 1,936.54 crore as of 31 March 2025 from Rs 1,845.41 crore as of 31 March 2024. Sundry debtors were higher at Rs 2,007.16 crore as of 31 March 2025 compared to Rs 1,662.92 crore as of 31 March 2024. Cash and bank balance rose to Rs 144.21 crore as of 31 March 2025 from Rs 141.65 crore as of 31 March 2024. Investments rose to Rs 233.26 crore as of 31 March 2025 from Rs 123.98 crore as of 31 March 2024 .
PBDT rose 47.26% to Rs 914.38 crore. Provision for depreciation rose 11.83% to Rs 430.09 crore. Fixed assets increased to Rs 4,335.28 crore as of 31 March 2025 from Rs 4,066.55 crore as of 31 March 2024. Intangible assets stood at Rs 246.30 crore.
Profit before tax grew 104.90% to Rs 484.29 crore. Provision for tax was expense of Rs 129.88 crore, compared to Rs 68.15 crore. Effective tax rate was 26.60% compared to 29.58%.
Minority interest decreased 98.84% to Rs 0.02 crore. Net profit attributable to owners of the company increased 123.18% to Rs 358.32 crore.
Equity capital increased from Rs 107.79 crore as of 31 March 2024 to Rs 107.85 crore as of 31 March 2025. Per share face Value remained same at Rs 2.00.
Promoters' stake was 27.62% as of 31 March 2025 ,compared to 27.19% as of 31 March 2024 . Promoters pledged stake was 2.69% as of 31 March 2025
Cash flow from operating activities decreased to Rs 601.65 crore for year ended March 2025 from Rs 665.69 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 641.00 crore, compared to Rs 678.31 crore during the year ended March 2024.
Business Highlights
The board has approved the payment of 2nd Interim Dividend of Rs 0.80 (40%) per equity share of Rs2 each, for the Financial Year 2024-25. The company has fixed May 09, 2025 as the Record Date. The FDF business generated revenue of Rs 544 crore during Q4 FY25, up 27% YoY. It reported revenues of Rs 1582 crore during FY25, an increase of 12% YoY. The API business reported revenue of Rs 686 crore during Q4 FY25, a decline of 8% YoY. For FY25, the API revenue decreased 4% YoY to Rs 2438 crore. The CDMO revenue increased 85% YoY to Rs 490 crore during Q4 FY25, driven by several mid-to-late stage NCE deliveries and steady increase in sales from new manufacturing assets. Similarly, CDMO revenue increased 42% YoY to Rs 1534 crore in FY25. In FY25, FDF contributed 28% of total revenue, CDMO 25%, API 44% and Bio 3%.Management Comments :
Founder and Chief Executive Officer Dr. Satyanarayana Chava stated, 'We delivered a very good Q4 results and continued our transformative progress, reflecting robust demand for our CDMO offerings and meeting complex customer needs, supported by growth in FDF division. These results demonstrate the strength of our business model and give us confidence in our outlook. We are deepening our cooperation with major clients, and augmenting it with promising BD and capacity creation. Our business remains well positioned to evolve into a well-diversified CMO/CDMO company with promising pipeline, enabling several technology platforms and commercial excellence, thanks to team commitment to the unified vision of delivering high quality integrated solution and securing our long-term growth potential.' V V Ravi Kumar, Executive Director & Chief Financial Officer commented; 'Despite the ongoing macroeconomic challenges, we have witnessed high level of demand for our offerings. For Q4, we delivered ? 1,720 Cr in revenues, growth of 19% and ? 477 Cr EBITDA grew by 84%, resulting in 27.7% margin. Gross margins remained healthy at 55% due to favorable CDMO mix and process optimization measures. The fundamentals of our business remain healthy. Overall FY25 results, we have delivered revenues of ? 5,554 Cr, representing 10% growth and EBITDA stood at ? 1,115 Cr, growth of 40%. The EBITDA margin of 20.1% has substantially improved, supported by continuing operating leverage within CDMO business. Going ahead, we remain confident in our growth expectations as we look forward to execute on long lead programs, new assets ramp up with revenue increasing over FY25 with continued focus on operational excellence. Our capital allocation strategy remain unchanged, prioritizing investments into high value business opportunities.'
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