Buy Laurus Labs, target price Rs 338.8: ICICI Direct

ICICI Direct has buy call on Laurus Labs with a target price of Rs 338.8. The current market price of Laurus Labs is Rs 328. Time period given by analyst is Intra Day when Laurus Labs price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 330.7.

Laurus Labs, incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 18060.97 Crore) operating in Pharmaceuticals sector.

Laurus Labs key Products/Revenue Segments include Pharmaceutical Products, Traded Goods, Contract Service, Other Operating Revenue, Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 1382.61 Crore, down -10.58 % from last quarter Total Income of Rs 1546.25 Crore and down -3.05 % from last year same quarter Total Income of Rs 1426.12 Crore. Company has reported net profit after tax of Rs 107.24 Crore in latest quarter.

The company’s top management includes Dr.M Venu Gopala Rao, Dr.C V Lakshmana Rao, Dr.Satyanarayana Chava, Mr.V V Ravi Kumar, Mr.Chandrakanth Chereddi, Dr.Ravindranath Kancherla, Mrs.Aruna Rajendra Bhinge, Dr.Rajesh Koshy Chandy. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2023, the company has a total of 54 Crore shares outstanding.

Investment Rationale
Price close above previous intermediate highs signaling further upsides in coming sessions.

Promoter/FII Holdings
Promoters held 27.2 per cent stake in the company as of 31-Mar-2023, while FIIs owned 22.42 per cent, DIIs 9.74 per cent.