Laurus Labs Shares Hit 10% Lower Limit On Q3 Profit Miss
The firm's consolidated net profit tumbled 88.47% to Rs 23.34 crore in the December quarter, missing analysts' estimate of Rs 104.5 crore.
The shares of Laurus Labs Ltd. tumbled 10% to hit the lower circuit on Thursday after its third-quarter profit slipped and missed analysts' estimates.
The pharmaceutical firm's consolidated net profit tumbled 88.47% year-on-year to Rs 23.34 crore in the quarter ended December, according to an exchange filing. The average of analysts' estimates polled by Bloomberg pegged the net profit at Rs 104.5 crore.
Laurus Q3 FY24 Highlights (Consolidated, YoY)
Revenue down 22.65% at Rs 1,194.92 crore. (Bloomberg estimate: Rs 1,385 crore).
Ebitda down 55.05% at Rs 181.42 crore. (Bloomberg estimate: Rs 275.7 crore).
Margin contracts 1,094 bps to 15.18%. (Bloomberg estimate: 19.90%).
Net profit down 88.47% at Rs 23.34 crore. (Bloomberg estimate: Rs 104.5 crore).
Shares of the company tumbled 9.99% apiece, the lowest level since Oct. 31, 2023. It pared losses to trade 4.22% lower at Rs 384 apiece as of 9:29 a.m. This compares to a 0.15% decline in the NSE Nifty 50 Index.
It has risen 12.22% in the past 12 months. Total traded volume so far in the day stood at 38 times its 30-day average. The relative strength index was at 27 indicating it was underbought.
Out of 15 analysts tracking the company, 8 maintain a 'buy' rating, three recommend a 'hold', and 4 suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.9%.
