Annual Report Highlights No : 10
#Lauruslabs FY 22 Annual Report Highlights
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#Lauruslabs FY 22 Annual Report Highlights
Watch the detailed Video on Laurus Labs youtu.be
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1. The management is very confident of meeting the target of $1 Billion in revenues supported by multiple product approvals which they have received and multi-site capex which has come online.
2. During the year, they forayed into the disruptive CAR-T cell technology by taking a minority stake in ImmunoAct. The investment in ImmunoACT is part of the larger strategy to strengthen the biologics business,
and this provides access and entry into an emerging field of research
3. Segment Performance:
i) Generic API - Contributed to 41% of revenues during the year
-The segment declined by 22% YOY due to channel destocking for ARV APIs.
3. Segment Performance:
i) Generic API - Contributed to 41% of revenues during the year
-The segment declined by 22% YOY due to channel destocking for ARV APIs.
-Oncology API and other API revenues are gaining good traction with a strong growth outlook backed by a strong order book.
ii) Generic FDF - Contributed to 38% of revenues during the year
-They are seeing a stabilization in demand for ARV formulations from global agencies. They are a fully integrated player in ARV formulations, and believe they
-They are seeing a stabilization in demand for ARV formulations from global agencies. They are a fully integrated player in ARV formulations, and believe they
have a fair ability to weather any pricing challenges in the coming quarters.
-Sales in non-ARV formulations were strong owing to expansion of product portfolio.
-Sales in non-ARV formulations were strong owing to expansion of product portfolio.
-Signed MPP licensing agreement with Pfizer for oral Covid drug - Paxlovid which will help increase access to the drug in the LMIC market.
iii) Synthesis - Contributed to 19% of revenues during the year
-The CDMO business grew solid at 77% YOY due to new client additions and increased business from existing customers
-The CDMO business grew solid at 77% YOY due to new client additions and increased business from existing customers
-They expanded their CDMO capabilities during the year and diversified their customer base. The US, EU and Japan are the most important markets.
-They signed a new multi-product partnership with a leading Global Life Sciences company for niche APIs. Capex will be funded through long term commercial advance by the customer apart from sponsoring development cost
iv) Bio - Contributed to 2% of revenues during the year
The segment recorded ₹100 Cr revenue during the year. The segment grew by 70% during the year due to new capacity of 180KL coming online.
The segment recorded ₹100 Cr revenue during the year. The segment grew by 70% during the year due to new capacity of 180KL coming online.
Capex Update:
-They have increased their capex guidance to ₹2000-2500 Cr in FY23 and FY24.
-They have increased their capex guidance to ₹2000-2500 Cr in FY23 and FY24.
-During the year, they commissioned 5 billion tablets capacity in the FDF segment.
-They have also increased the API capacity by 20% during the year, the effect of which will be seen in FY23.
-They have also increased the API capacity by 20% during the year, the effect of which will be seen in FY23.
-Additionally, they commissioned LSPL Unit-1 which is a dedicated facility for the Synthesis business.
-These expansions are all brownfield in nature and do not need regulatory approval to commence manufacturing
-These expansions are all brownfield in nature and do not need regulatory approval to commence manufacturing
- They are also in the process of significant greenfield capacity in all the segments.
Financials
Revenue - ₹ 4936 Cr (2.5% growth YOY)
EBITDA Margin -29% (32% in FY21)
ROCE - 26.3% (40.1% in FY21)
Debt to equity - 0.52 (0.56 in FY21)
Revenue - ₹ 4936 Cr (2.5% growth YOY)
EBITDA Margin -29% (32% in FY21)
ROCE - 26.3% (40.1% in FY21)
Debt to equity - 0.52 (0.56 in FY21)
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