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Business News/ Markets / Stock Markets/  Dividend stocks: Laurus Labs shares to trade ex-dividend today

Dividend stocks: Laurus Labs shares to trade ex-dividend today

Laurus Labs’ Board of Directors has declared an interim dividend of ₹0.40 per equity share for its eligible shareholders

Laurus Labs shares closed at ₹430.00, down 1.98 per cent on the BSE on Tuesday.Premium
Laurus Labs shares closed at 430.00, down 1.98 per cent on the BSE on Tuesday.

Dividend stocks: Shares of Laurus Labs Ltd will be in focus when the stock market opens on Wednesday, May 8.

The company's Board of Directors has declared an interim dividend of 0.40 per equity share for its eligible shareholders.

The record date by the company to ascertain the eligibility of shareholders for interim dividend has been fixed on May 08.

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In a stock exchange filing, Laurus Labs Ltd said: “The Board of Directors of the Company in their meeting held on April 25, 2024, have approved for the payment of 02nd interim dividend of Rs. 0.40/- (20%) per equity share of Rs.2/- each, for the Financial Year 2023-24."

“The dividend amount will be paid on or after May 17, 2024," it added.

Shares of Laurus Labs Ltd will trade ex-dividend on Wednesday.

Hyderabad-based Laurus Labs Limited had reported a fall of 26.58 per cent in its consolidated profit after tax (PAT) of 75.61 crore during the fourth quarter, which ended March 31, 2024. The pharma company had reported a PAT of 102.98 crore in the same period of FY23.

Its revenue from operations during the quarter in consideration stood at 1,439.67 crore, a 4 per cent YoY rise. 

Earnings before interest, tax, depreciation, and amortization stood at 259 crore, with an 18 per cent margin, the company said in the filing.

Laurus Labs also reported a fall of 80 per cent YoY in its consolidated profit after tax of 161 crore for the financial year ended March 2024 due to lower Contract Development and Manufacturing Organisation (CDMO) revenues, price erosion in ARV portfolio, and operational deleverage purchase orders for Covid-related products

The company’s revenue from operations for FY24 stood at 5,040.83 crore, a fall of 17 per cent YoY.

“Laurus core results reflect continued resilience across our business divisions despite discontinuation of Covid-related products purchase orders. We delivered underlying revenue growth of 9% (excluding the large purchase order) driven by strong performance in FDF, CDMO, Onco API, and Bio division... Our ongoing innovative CGT investment continues to report significant updates for the period under review, especially the successful NexCAR19 commercial launch in India to treat cancers," said Satyanarayana Chava, founder and chief executive officer of Laurus Labs. “We are entering FY25 with a solid foundation and remain committed to growth by focusing on R&D-led commercial excellence. We are prioritizing efforts to improve margin, particularly increasing asset utilization across the network and delivering late-phase commercial opportunity."

Shares of Laurus Labs closed at 429.35 on BSE, 9.35 down, against Monday's close price of 438.70 apiece.

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Published: 08 May 2024, 06:46 AM IST
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