Laurus Labs down 10%

Laurus Labs is currently the top loser on the BSE; from its close of Rs.398.55, the stock today opened much lower at Rs.358.70, its current intraday low, down 10%. Its presently trading at Rs.370 levels, down 7%.

The stock slumped as its Q3FY24 earnings came in much below expectations.

The company’s consolidated revenue came in at Rs.1194 crore, down 23% (YoY) on which net profit fell by a huge 88% at Rs.23 crore.

EBITDA for the quarter was down 55% at Rs.181 crore while margins fell by a mammoth 1094 bps to 15.18%.

The management though remained optimistic, giving a strong guidance, expecting EBITDA margin for FY25 to be well over 20%, thanks to the operating leverage. Clearly, for now, the market is not convinced and profit booking continues on the counter.