20% Dividend: After 84% YoY Growth In Q2 PAT, Laurus Labs Declares Dividends, Sets Record Date

Research-driven pharma and biotechnology company, Laurus Labs has declared a interim dividend payout of 20% for the financial year 2023-24. For this, the company has also fixed record date to determine eligible shareholders. On October 20th, the company announced its Q2FY24 earnings where it posted double-digit growth in both revenue and net profits.

In a meeting held on Friday, Laurus Labs approved the payment of interim dividend of Rs. 0.40/- (20%) per equity share of Rs.2/- each, for the Financial Year 2023-24.

Further, it said, "The Record Date for the payment of interim dividend which was informed earlier in the Corporate Action as "October 30, 2023" to be read as "November 02, 2023". However, there is no change
in the payment date as announced earlier, which is November 09, 2023."

That being said, Laurus Labs will turn ex-dividend on October 30 as well.

In the financial year FY23, the company paid a total dividend of 100% amounting to Rs 2 per share to its shareholders.

In Q2FY24, the company posted 84% YoY growth in net profit to Rs 37 crore, while revenue zoomed by 22% YoY to Rs 1,224 crore. EBITDA came in at Rs 188 crore, up by 58% YoY, and EBITDA margins were at 15.4%.

For the half-year period (April to September 2023), the company's net profit was at Rs 62 crore, rising by 87% YoY, and revenue came in at Rs 2,406 crore, surging by 23% YoY. EBITDA stood at Rs 356 crore, jumping by 61% YoY, while EBITDA margins were at 14.8%.

Founder and Chief Executive Officer Dr. Satyanarayana Chava said, "Q2 operating results started to improve and health of our businesses are intact. Momentum in generic business has picked up during the quarter and CDMO-Synthesis is stable with healthy scale up in project pipeline along with expansion of our strategic partnerships. Our investments into transformative technology platforms are making good progress and future CDMO growth prospects are very encouraging. The recovery we saw in the quarter gives us confidence that we will have a better H2 resulting from both healthy order book and strong commercial execution."

Chava added, "Our priorities remain consistent on ensuring greater business resilience by accelerating our scientific advantage to deliver the best external and internal opportunities as well as long-term value creation."

Founded in 2005, Laurus Labs is a research-driven pharmaceutical and biotechnology company with
an aim to improve the quality of life for millions around the world.