Laurus Labs Ltd, a company based in India, announced an increase of 32.1% in its profit for the third quarter of the year. The boost in profit was due to high demand for the products that the company produces, which are chemicals and other components used in the manufacturing of medicines.
The consolidated profit of the company increased to 2.03 billion rupees, which is approximately equal to $25 million, during the quarter ending on December 31st, compared to 1.54 billion rupees in the previous year. Laurus Labs, the company that produces hepatitis C and oncology drugs, saw a significant increase in its revenue of over 50%, reaching 15.45 billion rupees.
According to Laurus Labs, the revenue generated by its Synthesis and active pharmaceutical ingredient (API) businesses during the most recent quarter saw substantial growth. The Synthesis business saw a rise of 210% while the API business saw a rise of 49%. It is noteworthy that these two businesses make up more than 40% of the company’s overall revenue.
The Synthesis business of the company is involved in the production of chemical substances that are utilized in the creation of drugs. On the other hand, active pharmaceutical ingredients (APIs) play a crucial role in the therapeutic properties of drugs, as they are the biologically active components responsible for producing the desired health outcomes.
On Monday, Laurus Labs’s stock price experienced a significant increase of 5.3% to reach 360 rupees, marking its largest intraday percentage gain since July. This rise in the company’s shares came after the release of its latest financial results. Despite this recent success, it is important to note that the company’s stock had experienced a decline of 30.4% in the year 2022, while the Nifty Pharma index saw a decrease of 11.4%. It should be mentioned that the exchange rate at the time was $1 equal to 81.6750 Indian rupees.