Hyderabad, Feb 10 (PTI) Drugmaker Laurus Labs today said its profit after tax for the quarter ended December 31 stood at Rs 47.2 crore, up 17.5 per cent from Rs 40.2 crore in the corresponding quarter of last fiscal. Also Read - Rohit Chadda, The Turnaround CEO Carved Out Another Success Story in 2020
According to a statement issued by the city-based pharma firm, total revenues were up by 12.3 per cent to Rs 505.4 crore in the quarter against Rs 450 crore in the October-December period of last fiscal. Also Read - Elon Musk May Lose Job as Tesla CEO Over Controversial Tweet
Laurus CEO Satyanarayana Chava said the results for the quarter were in line with the company’s broader objectives. Also Read - 'Appoint me Executioner so That Nirbhaya Case Convicts Can be Hanged Soon', Man Writes to President Kovind
V V Ravi Kumar, Executive Director and Chief Financial Officer, said, “As we continue to improve our financial performance we also focused on strengthening our balance sheet and prepaid Rs 2,263 million towards debt obligations from the IPO proceeds.
“This will lead to lower interest rates and healthier return ratios once the performance momentum builds up. I am confident Laurus has some very unique strengths which will help propel us to the position of a leading pharmaceutical player.”
As on date, the company has filed two ANDAs (Abbreviated New Drug Applications) and in addition completed four product validations. The capacity expansion of 5 billion tablets is expected to complete by end-March, it added.
This is published unedited from the PTI feed.