Drugmaker Laurus Labs reported consolidated net profit declined almost 53% year on year to ₹12.68 crore for the quarter ended June on lower revenue from business segments barring API. Total income rose 1% to ₹1,197.42 crore.
“Q1 results are on expected lines, supported from strong growth in Oncology API and firm demand in ARV offset by slightly subdued performance in other divisions. We have important opportunities ahead of us especially within CDMO division, and we are highly focused on allocating resources and realising them starting H2,” founder and CEO Satyanarayana Chava said in a release.
Barring active pharmaceutical ingredients, revenue from other segments, which include CDMO-Synthesis and FDFs, was lower year on year.
CFO V.V. Ravi Kumar said the operating results were mainly affected from prioritised resource allocation into delivering several clinical phase complex projects partly resulting in lower asset utilisation, quarter to quarter order cyclicality, and dilution from growth projects.
