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Laurus Labs edges lower after CARE Ratings downgrades rating outlook to 'negative'
18-Jun-24   15:20 Hrs IST

The credit rating agency has affirmed its rating on the short-term credit facilities of Laurus Labs at CARE A1+?.

Laurus Labs is a fully integrated pharmaceutical and biotechnology company, with a leadership position in generic active pharmaceutical ingredients (APIs) and a major focus on anti-retroviral, oncology drugs, cardiovascular, gastro and hepatitis C therapeutics. The company also develops and manufactures oral solid formulations, provide contract research and manufacturing services (CRAMS) to global pharma companies.

The company?s consolidated net profit dropped 26.58% to Rs 75.61 crore in Q4 FY24 as compared with Rs 102.98 crore in Q4 FY23. Revenue from operations increased 4.26% to Rs 1,439.67 crore in Q4 FY24 as compared with Rs 1,380.90 crore posted in corresponding quarter last year.

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