Laurus Labs gains 3% in trade; here's why
Laurus Labs share price NSE: Shares of Laurus Labs Ltd, NSE: LAURUSLABS surged on June 1. The stock opened at Rs 334.65, up over 2 per cent from its Wednesday's close of Rs 330.7 on the NSE.
Laurus Labs share price NSE: Shares of Laurus Labs Ltd, NSE: LAURUSLABS surged on June 1, a day after the pharmaceutical and biotechnology company headquartered in Hyderabad signed definitive agreements to acquire an additional stake of 7.24 per cent in Immunoadoptive Cell Therapy (lmmunoACT), an advanced cell and gene therapy company, for a cash consideration of Rs 80 crore.
Laurus Labs shares on Thursday finished up 2.83 per cent or Rs 9.35 at Rs 340.05 apiece on NSE. "Laurus Labs further invests in cell and gene therapy company ImmunoACT and will hold a 33.86 per cent stake post-completion of the transaction," the pharma company's regulatory filing read.
Laurus Labs Q4 results
Laurus Labs' revenue decreased 3 per cent YoY to Rs 1,381 crore for the March quarter. The company's net profit slipped by 55 per cent YoY to Rs 103 crore. For the quarter under review, EBITDA came in at Rs 287 crore, up 28 per cent YoY, while EBITDA margins stood at 20.8 per cent.
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Founder and Chief Executive Officer Dr Satyanarayana Chava, while commenting on the highlights, 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-ARV generic portfolio."
The CEO added, "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 programmes are well on track with a focus on long-term success. We are also continuing to drive forward our sustainability agenda."
Laurus Labs' share price history
Laurus Labs' stock has given a negative return of over 39 per cent in the last 12 months (since June 1, 2022). In comparison, the headline index, Nifty 50, has rallied 12 per cent.
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