Chennai, 27 February: Veterinary API major, Lasa Supergenerics Limited
recently announced its acquisition of Harishree Aromatics And Chemicals
Private Limited which is in the manufacturing of Veterinary API & Other
Pharmaceuticals Intermediates.
In addition to the takeover of the manufacturing unit along with all other
assets and liabilities whereas transferor is a debt free company, the
amalgamation and consolidation will result in an increase in market share,
product and services diversification, combined pool of reserves, investments
and other assets giving it a competitive edge over its listed and unlisted
peers
While the deal size has not been disclosed, the corporate announcement
uploaded on the stock exchanges stated that on the scheme becoming effective
shareholders of Harishree will be entitled to 1000 fully paid up shares of
Lasa for every 35 equity shares held
Commenting on the acquisition, Dr. Omkar Herlekar, Chairman- Lasa
Supergenerics Limited, said “This acquisition has been a strategic decision
to restructure our current potential and a forward integrate. The
amalgamation of both the entities stands to extract synergistic benefits,
economies of scale, better cash flow management, optimisation of borrowing
costs resulting in better financial and operational efficiencies and better
shareholder value”
The company recently announced the third quarter and nine months ended
results where it turned net positive. It declared revenue of Rs. 39.29 cr,
EBITA of Rs. 8.16 cr which was up by 8.7%, EPS of Rs.0.89 as compared to a
negative 2.31 and a PAT of Rs 2.57 cr against a loss of Rs.5.28 cr compared
to the previous quarter. The company is working towards bringing down the
finance costs and the working capital cycle.
The share price has been hitting new 52 week high record post Q3FY20 results
and acquisition of new entity. The stock has achieved upper circuit for last
six consecutive days with a total turnover of approx 32,90,089 and a 100%
quantity deliverable. The investors are cheering the inorganic growth
strategy of the company and hope the trajectory will continue and will help
to increase the value of the shareholders.
About Lasa Supergenerics Limited (BSE: 540702; NSE: LASA)
Incorporated in 2011, Lasa Supergenerics Limited is a globally well trusted
brand with high quality products, accepted by large companies across the
globe. Our Company is the pioneer and amongst the leading players in the
manufacturing of Veterinary APIs, with a well-established brand known for
its high-quality products amongst various customers. The Company has its
unit with state of art manufacturing facilities located at Mahad & Chiplun,
Maharashtra with a total installed capacity of 4,300 MT.The Company has over
sizeable APIs exports to counties like Australia, Bangladesh, Middle
East, China, Turkey, Egypt, Jordan, Korea, Brazil, Uruguay etc.
