pharma company Laurus Labs told on Thursday, November 24, that it is Ethan, a solar charger maker. Energy India Private Limited (Ethan Energy India Private Ltd) will acquire 26% stake in The company said that it will buy a total of 7.40 lakh shares of Ethan Energy at a price of Rs 52.70 per share. In this way, the whole deal will be around Rs 3.9 crore. Laurus Labs said in a communication sent to the stock markets that through this deal it will be able to consume the entire electricity generated from Ethan Energy’s 10 MW solar energy plant.
14% increase in profit in September quarter
Laurus Labs’ consolidated net profit for the September quarter rose 14 per cent year-on-year to Rs 233 crore as against Rs 204 crore in the corresponding quarter of the previous fiscal. At the same time, the company grew by 30.9 per cent year-on-year to reach Rs 1,575 crore, as against Rs 1,203 crore in the corresponding quarter of the previous financial year. However, on the other hand, the company’s operating (EBITDA) margin declined by 0.19 per cent to 28.5 per cent in the September quarter, mainly due to increase in expenditure on raw materials.
Still trust the brokerage house
The company’s performance during the quarter may not have been great, but Motilal Oswal is still confident of harnessing the company’s integrated capabilities in the synthesis segment, strong relationships with clients and differentiated products in non-ARV formulations. . The brokerage has maintained a ‘buy’ rating on the stock with a target price of Rs 610 per share.
Analysts at ICICI Securities said they remain positive on the stock with a buy rating and a target price of Rs 630.
Shares of Laurus Labs fell 14.78% this year
Meanwhile, shares of Laurus Labs closed at Rs 450.60, down 1.20% on the NSE on Thursday. The shares of the company have declined by 0.51% in last one month. At the same time, since the beginning of this year, its shares have come down by about 14.78 percent.