Buy Laurus Labs, target price Rs 590: Edelweiss Securities

Edelweiss has buy call on Laurus Labs with a target price of Rs 590. The current market price of Laurus Labs Ltd. is Rs 549.85. Time period given by analyst is Intra Day when Laurus Labs Ltd. price can reach defined target.

Laurus Labs Ltd., incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 29552.08 Crore) operating in Pharmaceuticals sector.

Laurus Labs Ltd. key Products/Revenue Segments include Pharmaceutical Products, Contract Service, Traded Goods, Other Operating Revenue, Scrap for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 1034.09 Crore, down -14.28 % from last quarter Total Income of Rs 1206.31 Crore and down -20.17 % from last year same quarter Total Income of Rs 1295.35 Crore. Company reported net profit after tax of Rs 154.97 Crore in latest quarter.

Investment Rationale
Breakout above the upper end of the trading range with above average volumes

Promoter/FII Holdings
Promoters held 27.27 per cent stake in the company as of 31-Dec-2021, while FIIs owned 25.98 per cent, DIIs 3.0 per cent.