Laurus Labs stock drops after Q4 profit slips 55% YoY; firm declares 60% dividend

Laurus Labs on April 27, 2023, announced an interim dividend of Rs 1.20 (60 per cent) per share along with the announcement of March quarter numbers (Q4FY23). The company has May 10, 2023, as the record date for determining the eligibility of the shareholders. The dividend amount will be paid on or after May 18, 2023, the company said in its earnings release. 

For the March quarter, revenue decreased 3 per cent YoY to Rs 1,381 crore and net profit slipped by 55 per cent YoY to Rs 103 crore. EBITDA for the quarter came in at Rs 287 crore, up 28 per cent YoY while EBITDA margins came in at 20.8 per cent. 

Commenting on the highlights, Founder and Chief Executive Officer Dr Satyanarayana Chava stated, "FY23 has been a year of significant achievement and meaningful progress despite a challenging macro environment. We delivered strong full-year results driven by robust underlying business performance in our key growth pillars CDMO, and Non-ARVs generic portfolio. Our R&D-driven commercial strategy continued to make advancements at speed and we are making efficient use of strongly linked technology platforms and manufacturing excellence to seize new business opportunities and widen our target market. Our investment programs are well on track with a focus on long-term success. We are also continuing to drive forward our sustainability agenda."

Shares of the company ended 2.60 per cent lower at Rs 292.25 on the BSE. In comparison, the S&P BSE Sensex added 0.58 per cent to settle at 60,649.38 levels.