Laurus Labs Ltd today said its Profit after Tax for the quarter ended March 31 rose by 39 per cent to Rs 74.3 crore against Rs 53.4 crore during the third quarter of the last fiscal, on the back of low finance cost. The company went public in December last year. Total revenues stood at Rs 467 crore during the quarter under discussion when compared to Rs 483 crore during the previous quarter, the city-based company said in a statement.
“Prepayment of loans resulted interest cost reduction apart from reduction in cost of funds,” it said. “Laurus’ growth march continues with broadening of the market in key APIs across new geographies and novel therapeutic areas,” its CEO Satyanarayana Chava said here.
The company pre-paid Rs 226 crore debt from the funds it raised from the IPO. It raised Rs 1332 crore in the IPO in December 2016. Laurus spent about Rs 315.5 crore towards capex during last year.
The total revenue of the drug maker in FY 17 rose 6.6 per cent to Rs 1892 crore as compared to Rs 1775 crore in FY 16 while PAT increased by 40 per cent to Rs 203 crore against Rs 148 crore during the previous year.