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Laurus Labs Q1 Review – Beats Estimates; Progressing Well On Diversification: Motilal Oswal


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Laurus Labs Ltd. delivered better-than-expected Q1 FY23 performance fueled by strong growth momentum in the synthesis (contract development and manufacturing organisation) segment.

The company is on track to incur capex in synthesis/bio division/non-antiretroviral formulation to cater to business growth over the next three-five years.

We have tweaked our earnings per share estimates by down 4%/down 3% for FY23/FY24 to factor in higher tax rate. We expect 34% earnings CAGR over FY22-24.

Laurus Labs has delivered 34% earnings CAGR over FY17-22. We believe that it is well placed to sustain the pace of earnings growth by building capabilities as well as capacities to attract:

  1. new customers as well as increase business from existing customers in the CDMO segment, and

  2. non-ARV business as well as bio-division.

Interestingly, the funding requirement for capital investment from internal accruals provides comfort on the balance sheet health.

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