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Laurus Labs - Q2FY21 Result Update - ICICI Securities

Posted On: 2020-10-30 08:31:33


Q2 revenues grew ~60% to Rs. 1139 crore amid strong growth across segments driven by a 182.7% YoY jump in formulations to Rs. 452 crore due to higher tender business from LMIC and new launches. API segment posted a strong growth of 22.4% YoY to Rs. 571 crore amid strong traction across antiviral, oncology and other APIs. Similarly, CRAMS business grew ~35% YoY to Rs. 116 crore. EBITDA margins improved 1349 bps to 32.8% (vs. 19.3% in Q2FY20) due to better product mix and improved operating leverage. Subsequently, EBITDA grew 171.3% YoY to Rs. 374 crore. PAT was up 328.4% YoY at Rs. 242 crore in line with an exceptional operational performance.

Valuation & Outlook

Results were way above I-direct estimates on all fronts. Laurus is well poised to follow the success story of some leading CDMO players backed by strong chemistry and integrated model. Elsewhere, formulations are expected to grow amid ramp up and new launches (e.g. TLE400) in LMIC and launches in the US. Other APIs are expected to be driven by a strong order book and capacity addition. Besides continuous improvement in the financial performances, the company is evolving as a strong vertically integrated player with strong order book visibility, improving margin profile, strengthening return ratios and healthy FCF generation. We upgrade to BUY rating with a target price of Rs. 390 (18x of FY23E EPS of 21.8).

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_Laurus_Q2FY21.pdf

Shares of Laurus Labs Ltd was last trading in BSE at Rs.319.2 as compared to the previous close of Rs. 330.35. The total number of shares traded during the day was 1076988 in over 26885 trades.

The stock hit an intraday high of Rs. 345 and intraday low of 316.25. The net turnover during the day was Rs. 354355281.


Source: Equity Bulls

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