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Laurus Labs Results: Latest Quarterly Results & Analysis

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Laurus Labs Ltd. 30 Apr 2026 18:05 PM
Result PDF

Q4FY26 & FY26 Result Announced for Laurus Labs Ltd.

Pharmaceuticals company Laurus Labs announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights

  • Revenue from Operations: Rs 1,811.57 crore in Q4FY26, up 1.87% QoQ from Rs 1,778.29 crore and up 5.31% YoY from Rs 1,720.30 crore.
  • Total Income: Rs 1,823.37 crore in Q4FY26, up 2.20% QoQ from Rs 1,784.05 crore and up 2.50% YoY from Rs 1,778.87 crore.
  • Profit Before Tax: Rs 361.37 crore in Q4FY26, up 10.66% QoQ from Rs 326.56 crore and up 15.70% YoY from Rs 312.34 crore.
  • Net Profit After Tax: Rs 282.09 crore in Q4FY26, up 11.99% QoQ from Rs 251.88 crore and up 21.19% YoY from Rs 232.77 crore.
  • Earnings Per Share (Basic): Rs 5.17 in Q4FY26 compared to Rs 4.67 in Q3FY26 and Rs 4.34 in Q4FY25.

FY26 Consolidated Financial Highlights

  • Revenue from Operations: Rs 6,812.90 crore for FY26, a growth of 22.68% over Rs 5,553.56 crore in FY25.
  • Total Income: Rs 6,867.85 crore for FY26, up 22.01% compared to Rs 5,629.06 crore in FY25.
  • Profit Before Tax: Rs 1,181.88 crore for FY26, a 144.04% growth over Rs 484.29 crore in FY25.
  • Net Profit After Tax: Rs 890.14 crore for FY26, up 148.41% from Rs 358.34 crore in FY25.
  • Earnings Per Share (Basic): Rs 16.47 for FY26 compared to Rs 6.65 in FY25.

Business Highlights

  • Dividend: The Board of Directors approved a 2nd Interim Dividend of Rs 1.20 per equity share (60%) for FY26.
  • Labour Code Impact: Implementation of new Labour Codes resulted in a total increase of Rs 20.92 crore in employee benefit expenses for FY26, related to gratuity and leave encashment remeasurement.
  • Expansion/Restructuring: The Company is awaiting final NCLT approval for a Composite Scheme of Arrangement involving the demerger and amalgamation of undertakings within its subsidiaries, Laurus Synthesis Private Limited and Sriam Labs Private Limited.
  • Strategic Investments: During FY26, the company invested Rs 35 crore into Laurus Bio Private Limited and Rs 49 crore into the joint venture KRKA Pharma Private Limited.
  • Operational Segment: The Group continues to operate primarily in a single reportable business segment, "Pharmaceuticals".

Satyanarayana Chava, Founder & Chief Executive Officer, said: “We significantly accelerated our performance in FY 26, delivering strong revenue growth and expanded profitability, backed by successful commercial supplies for NCE programs, new launches ramp-up and sustained leadership in Anti-retroviral segment.

The transformation of our portfolio is well underway, and momentum is building. We are making significant investments in novel technologies, scale and strengthening integrated capabilities offerings towards laying foundation for future growth. In the face of macro-economic volatility, our business model has proven resilient and we remain well positioned to execute on our growth strategy with continued progress on our EHS/ESG initiatives.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: We sustained strong operating performance for the current quarter Q4FY26. We have achieved revenues of Rs 1,812 crore, representing 5% growth and EBITDA of Rs 523 crore, representing 10% growth over the previous year Q4FY25. The EBITDA margins were strong at 28.9%, supported by continuing operating leverage.

Overall, we reported strong FY 26 performance, reflecting continued robust demand for integrated offering across CDMO and Affordable Medicines business. We achieved Rs 6,813 crore in revenues, representing 23% growth and EBITDA of Rs 1,826 crore, representing 64% growth, resulting in 26.8% EBITDA margins marking significant >6% pts improvement over the previous year. Gross margins improved by over 5% pts to 60.4% due to favorable CDMO mix.

These results demonstrate the strength of our business and give us confidence in our outlook. Our Balance sheet remain well positioned to support key CAPEX program ahead with continued focus on operational excellence.

Result PDF

Result PDF

Pharmaceuticals company Laurus Labs announced Q3FY26 results

  • Revenue: Rs 1,778 crore against Rs 1,415 crore during Q3FY25, change 26%.
  • EBITDA: Rs 485 crore against Rs 285 crore during Q3FY25, change 70%.
  • EBITDA Margin: 27.3% for Q3FY26.
  • PBT: Rs 327 crore against Rs 131 crore during Q3FY25, change 150%.
  • PAT: Rs 252 crore against Rs 92 crore during Q3FY25, change 174%.
  • EPS: 4.7 for Q3FY26.

Satyanarayana Chava, Founder & Chief Executive Officer, said: “We are successfully executing on our strategy with continued advancements in important CDMO projects, ramping up new launches and strengthened leadership in antiretroviral in driving strong quarter and cumulative performance. These results confirm our Full year outlook of strong revenue growth and improving margin momentum.

Investments to continuously enhance service capability of Peptide technology platforms and ADC/Gene therapy is on track to meet current and future goals. We are confident that we are investing into interesting pipeline opportunities and these projects will continue to transform our Business portfolio and drive future growth with continued progress on ESG commitments.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: “We delivered another quarter of strong operational and financial performance, based on strong Generic business and continued demand upside in CDMO small molecule offerings. We have achieved revenues of Rs 1,778 crore, representing 26% growth and EBITDA of Rs 485 crore, representing 70% growth. The EBITDA margins stood at 27.3%, supported by continuing operating leverage.

Overall, we reported strong 9M performance. We achieved Rs 5,001 crore in revenues, representing 30% growth and EBITDA of Rs 1,303 crore, representing 104% growth, resulting in 26.1% EBITDA margins marking over 9% pts improvement over last year. Gross margins improved by over 4.3% pts to 60.1% due to favorable CDMO mix. Net Debt leverage decreased further to 1.2x EBITDA despite continuing CAPEX investments. We will continue investing behind high value business opportunities to drive near and long-term growth.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q2FY26 results

  • Revenue: Rs 1,653 crore compared to Rs 1,224 crore during Q2FY25, up 35%.
  • EBITDA: Rs 429 crore compared to Rs 182 crore during Q2FY25, up 136%.
  • EBITDA Margin: 26.0% for Q2FY26.
  • PBT: Rs 270 crore compared to Rs 23 crore during Q2FY25, up 1,074%.
  • PAT: Rs 195 crore compared to Rs 20 crore during Q2FY25, up 875%.

Satyanarayana Chava, Founder & Chief Executive Officer, said: “We continue to maintain leadership position in ARVs and make encouraging progress in delivering important clinical and commercial programs. Our Q2 reflects on-going expansion of CDMO business, supported by sustained growth in Generics.

Earlier this quarter we announced land allocation from Andhra government and proposed investments to support future business expansion, augmenting our offerings across manufacturing scale and new technologies. We also made strategic investment of USD 2 million in Aarvik Therapeutics to have access to novel Antibody-drug conjugates (ADC) technology and pipeline aimed at accelerating our integrated ADC services. I have increasing confidence that our R&D driven commercial strategy will continue to generate long-term value for our stakeholders.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: “Our strong Q2 performance was in line with expectations. We are pleased to report that fundamentals of our business remain strong, with sustained growth momentum in CDMO and Generic business. We have achieved revenues of Rs 1,653 crore, representing 35% growth and EBITDA of Rs 429 crore, representing 136% growth. The EBITDA margins continue to remain very healthy at 26.0%, supported by continuing operating leverage.

Overall, we reported strong H1 performance. We achieved Rs 3,223 crore in revenues, representing 33% growth and EBITDA of Rs 818 crore, representing 132% growth, resulting in 25.4% EBITDA margins marking over 10% pts improvement over last year. Gross margins improved by over 4.5% pts to 59.6% due to favorable CDMO mix and operational improvements. Net Debt leverage has decreased significantly over last year to 1.3x EBITDA despite continuing CAPEX investments. Going ahead, we retain our focus to invest behind high value CDMO/CMO business opportunities to drive near and long-term growth and returns for our shareholders.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q1FY26 results

  • Revenues: Rs 1,570 crore compared to Rs 1,195 crore during Q1FY25, change 31%.
  • EBITDA: Rs 389 crore compared to Rs 171 crore during Q1FY25, change 127%.
  • EBITDA Margin: 24.8% for Q1FY26.
  • PBT: Rs 224 crore compared to Rs 18 crore during Q1FY25, change 1144%.
  • PAT: Rs 163 crore compared to Rs 13 crore during Q1FY25, change 1154%.
  • EPS: Rs 3.0 for Q1FY26.

Satyanarayana Chava, Founder & Chief Executive Officer, said: “We made healthy progress to start the year with increasing contributions from CDMO business and continued advancement of pipeline projects, supported by Generic FDF. We are moving ahead with strong focus on commercial execution realizing the full potential from promising pipeline opportunities, business development and rapidly enhancing scale and technology capabilities.

We also commenced construction of various facilities across CDMO, Generics and FDF. Once complete, these facilities will fortify our ongoing commitment of being a high-quality development and manufacturing partner at scale including advanced therapies. We remain confident in our strategic direction and commitment as the source of sustainable value creation now and well into the future.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: “We delivered a solid performance in Q1, in line with expectations. We are pleased to see sustained growth momentum fueled by increasing uptake in CDMO deliveries and healthy business fundamentals. We have achieved revenues of Rs 1,570 crore, representing 31% growth and EBITDA of Rs 389 crore, representing 127% growth. The EBITDA margins improved substantially to 24.8%, supported by continuing operating leverage. Gross margins stood strong at 59.4% due to favorable CDMO mix and ongoing process improvement initiatives.

We will continue to invest fully behind high value business opportunities to drive near and longterm growth and returns for our shareholders.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues: Rs 1,720 crore compared to Rs 1,440 crore during Q4FY24, change 19%.
  • EBITDA: Rs 477 crore compared to Rs 259 crore during Q4FY24, change 84%.
  • EBITDA margin: 27.7% for Q4FY25.
  • PBT: Rs 312 crore compared to Rs 107 crore during Q4FY24, change 192%.
  • PAT: Rs 234 crore compared to Rs 76 crore during Q4FY24, change 208%.
  • EPS: Rs 4.3 for Q4FY25.

FY25 Financial Highlights:

  • Revenues: Rs 5,554 crore compared to Rs 5,041 crore during FY24, change 10%.
  • EBITDA: Rs 1,115 crore compared to Rs 798 crore during FY24, change 40%.
  • EBITDA margin: 20.1% for FY25.
  • PBT: Rs 484 crore compared to Rs 236 crore during FY24, change 105%.
  • PAT: Rs 358 crore compared to Rs 161 crore during FY24, change 122%.
  • EPS: Rs 6.6 for FY25.

Satyanarayana Chava, Founder & Chief Executive Officer, said: “We delivered a very good Q4 results and continued our transformative progress, reflecting robust demand for our CDMO offerings and meeting complex customer needs, supported by growth in FDF division. These results demonstrate the strength of our business model and give us confidence in our outlook. We are deepening our cooperation with major clients, and augmenting it with promising BD and capacity creation.

Our business remains well positioned to evolve into a well-diversified CMO/CDMO company with promising pipeline, enabling several technology platforms and commercial excellence, thanks to team commitment to the unified vision of delivering high quality integrated solution and securing our long-term growth potential.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: “Despite the ongoing macroeconomic challenges, we have witnessed high level of demand for our offerings. For Q4, we delivered Rs 1,720 crore in revenues, growth of 19% and Rs 477 crore EBITDA grew by 84%, resulting in 27.7% margin. Gross margins remained healthy at 55% due to favorable CDMO mix and process optimization measures. The fundamentals of our business remain healthy.

Overall FY25 results, we have delivered revenues of Rs 5,554 crore, representing 10% growth and EBITDA stood at Rs 1,115 crore, growth of 40%. The EBITDA margin of 20.1% has substantially improved, supported by continuing operating leverage within CDMO business.

Going ahead, we remain confident in our growth expectations as we look forward to execute on long lead programs, new assets ramp up with revenue increasing over FY25 with continued focus on operational excellence. Our capital allocation strategy remain unchanged, prioritizing investments into high value business opportunities.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q3FY25 results

  • 9MFY25 Revenues Rs 3,834 crore and 6% revenue growth, performance on track to deliver Full Year growth outlook with Q4 revenues accelerating on planned project deliveries.
  • Rs 638 crore EBITDA resulted in a margin of 16.6%, improved steadily with the gradual step-up in the asset utilization. Gross margins maintained at healthy levels 55.8%, improving 3.3% pts over last year on positive product mix.
  • Q3FY25 Revenues Rs 1,415 crore; 18 revenue growth, Rs 285 crore EBITDA; 56% growth resulted in a margin of 20.1%, Gross margins were at 56.9%.
  • Strengthening operational performance in CMO/CDMO with continued demand for complex API capabilities.
  • CAPEX investments in key growth projects are on track to support long term growth.
  • FY25 outlook retained; Revenue growth and EBITDA margins improvement, led by execution on few late-phase clinical projects along with reduction in net debt.

Satyanarayana Chava, Founder & Chief Executive Officer, said: “Q3FY25 operating performance has improved progressively; we have delivered healthy growth, driven by growing demand for our platform capabilities, effectively addressing evolving customer needs. The quarter witnessed robust growth in the CDMO and FDF division, partially offset by soft API performance. Healthy commercial execution is our top priority and our performance is well on track with revenues accelerating in Q4.

Based on our continued progress acroreoss diverse portfolio and pipeline projects I remain confident about our long-term future, and I acknowledge the focus and commitment of our team in making Laurus better positioned to deliver value to all stakeholder in coming years.”

V V Ravi Kumar, Executive Director & Chief Financial Officer, said: “We are pleased to report healthy progress for the quarter; we delivered Rs 1,415 crore in revenues, strong growth of 18% and Rs 285 crore EBITDA grew by 56%, resulting in 20.1% margin. Gross margins remained healthy at 56.9% due to favorable CDMO mix and process optimization measures. The fundamentals of our business remain healthy, driven by order book position and continued progress in CDMO projects.

Our 9MFY25 performance remain on track, with revenues reaching Rs 3,834 crore, representing 6% growth and EBITDA stood at Rs 638 crore, marking growth of 18%. The EBITDA margin of 16.6% has improved, supported by gradual ramp-up in the assets utilization rates. We reaffirm our Full year growth outlook, driven by scheduled CDMO project deliveries. Our capital allocation strategy remain unchanged, prioritizing investments into high value CMO/CDMO opportunities to drive near and long-term growth.”

Result PDF

Pharmaceuticals company Laurus Labs announced H1FY25 results

  • H1 Revenues Rs 2,419 crore and 1% revenue growth, performance on track to deliver Full Year growth outlook driven by scheduled project deliveries in CDMO.
  • Rs 353 crore EBITDA resulted in a margin of 14.6%, impacted by lower asset utilization and upfront cost absorption in growth projects.
  • Gross margins maintained at healthy levels of 55.1%, improving 3.5% pts over last year.
  • Q2 Revenues Rs 1,224 crore and flattish revenue growth, Rs 182 crore EBITDA resulted in a margin of 14.9%, Gross margins at healthy levels of 55.2%.
  • Encouraging demand for CMO/CDMO integrated service offering and complex APIs; pipeline momentum healthy.
  • CAPEX investments across key growth projects progressing as planned, to support long term growth.
  • FY25 outlook maintained; We expect better H2 reflecting facility ramp up, delivery of late-phase NCE projects and EBITDA margins improvement.

Satyanarayana Chava, Founder & Chief Executive Officer said: “We are pleased to see sustained demand in our CMO/CDMO services, supported by ongoing operational excellence and expanding platform capabilities. Opening of new R&D center significantly advances our one-stop ‘D & M’ capability in meeting global partner diverse needs and growing early phase enquiries. Q2 results demonstrates continued resilience in financial health, led by strong growth in CDMO vertical offset by lower sales in ARV and Oncology API business. We remain committed to deliver on key NCE opportunities in H2, which is in line with our Full year growth outlook. Looking at industry fundamentals, we are well positioned to capture value by maintaining our focus on solving customer complex needs and deliver long-term stakeholder value”

V V Ravi Kumar, Executive Director & Chief Financial Officer said: “During Q2, we delivered Rs 1,224 crore in revenues and Rs 182 crore EBITDA, resulting to 14.9% margin. Gross margins maintained healthy at 55.2% due to favorable CDMO mix and process optimization. Operating results affected from lower utilization of assets as we continue to prioritise resources towards delivering several complex projects at various clinical phases.

Soft H1 performance, in line with expectations. We achieved Rs 2,419 crore in revenues, representing 1% revenues growth, and Rs 353 crore EBITDA, resulting in 14.6% margin. Gross margins improved by over 3.5% pts to 55.1% indicating robust business health. Overall, Net Debt has increased over last year due to continued CAPEX investments in expanding CMO capability. However, with a better H2 performance, supported by facility ramp up, and margin improvements, we expect reduction in Netdebt leverage by end of the year.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q1FY25 results:

  • In Q1FY25 Laurus delivered Rs 1,195 crore Revenues and 1% revenues growth, Softer Q1 performance in-line and is expected to pick up through H2
  • Sustained momentum in Key CDMO project delivery while strengthened scientific expertise
  • Rs 171 crore EBITDA resulted in a margin of 14.3%, impact from lower asset utilization and upfront cost in growth projects
  • Strong gross margins delivered at 55.1% levels, clocking improvement both YoY and sequentially
  • CAPEX across prioritised CDMO projects continued, supporting long-term plan to deliver attractive margins and secured customer base
  • FY25 outlook maintained; Deliver on medium to long term contracts and commercial opportunity in late-phase NCE projects along with EBITDA margins improvement

Satyanarayana Chava, Founder & Chief Executive Officer commented; “We have begun FY2025 on a positive note, sustaining momentum in our key CDMO clinical projects and demonstrating resilience in financial health. We are leveraging power of our comprehensive technology platform & commercial excellence to advance manufacturing of several clinical programs and maximising the value impact of our integrated model. Q1 results are on expected lines, supported from strong growth in Oncology API and firm demand in ARV offset by slightly subdued performance in other divisions. We have important opportunities ahead of us especially within CDMO division, and we are highly focused on allocating resources and realising them starting H2. Our commitment to disruptive technology in CGT space continued to do well. My confidence is strong and growing that we are taking right step to best position the company for value creation this year and well into future.”

V V Ravi Kumar, Executive Director & Chief Financial Officer commented; “We delivered Rs 1,195 crore in revenues, representing 1% growth, and Rs 171 crore EBITDA, resulting to 14.3% margin. While we continue to clock Gross margins of 55.1% during the quarter, the operating results was mainly affected from prioritised resource allocation into delivering several clinical phase complex projects partly causing lower asset utilization, quarter to quarter order cyclicality and dilution from growth projects. We expect performance to pick up mostly from H2, supported by on hand project deliveries. We remain committed to FY2025 outlook and our key CAPEX projects into high value business segments is advancing well to drive medium and long term growth.”

Result PDF

Pharmaceuticals company Laurus Labs announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue at Rs 1,440 crore, 4 % (YoY)
  • EBITDA at Rs 259 crore, -10 % (YoY)
  • EBITDA margins at 18.0 %
  • Spend on New Initiatives (Cell & Gene Therapy, Animal Health) at Rs 12 crore
  • PAT at Rs 76 crore, -26% (YoY)
  • PAT margins at 5.2%
  • EPS (Diluted) for the period at Rs 1.4 per share (not annualised)
  • Interim Dividend of Rs 0.40/- per share

FY24 Financial Highlights:

  • Revenue at Rs 5,041 crore, -17% (YoY) Excluding the large PO, growth of 9%
  • EBITDA at Rs 798 crore, -50 % (YoY)
  • EBITDA margins at 15.8 %
  • Spend on New Initiatives (Cell & Gene Therapy, Animal Health) at Rs 50 crore
  • PAT at Rs 161 crore, -80% (YoY)
  • PAT margins at 3.2%
  • EPS (Diluted) for the period at Rs 2.9 per share 

Commenting on the highlights, Founder and Chief Executive Officer Dr. Satyanarayana Chava stated “Laurus core results reflects continued resilience across our business divisions despite discontinuation of Covid related products purchase orders. We delivered underlying revenue growth of 9% driven by strong performance in FDF, CDMO, Onco API and Bio division. In the CDMO space, we are delivering on multiple RFPs involving higher chemical complexity and scale with increased customer engagement focusing on several sustainable technology platforms. Our on-going innovative CGT investment continue to report significant updates for the period under review, especially successful NexCAR19 commercial launch in India to treat cancers. We are entering FY25 with solid foundation and remain committed to grow by focusing on R&D led commercial excellence. We are prioritizing efforts to improve margin, particularly increasing asset utilization across network and delivering late phase commercial opportunity. At the same time, we have been investing in Laurus future and continuing to create value for all stakeholders.” 

Commenting on the results, V V Ravi Kumar, Executive Director & Chief Financial Officer said, “Overall FY24 reported operating result was challenging driven by selling price decline in ARV products, absence of large PO, and continued OPEX on growth projects/new initiatives. We achieved Rs 5,041 crore in revenues, representing 17% decline. Excluding the large PO the underlying growth was 9% over last year. Gross margin was 51.7% and EBITDA at Rs 798 crore resulting in 15.8% margin. The EBIDTA margin for the Q4FY24 is at 18.0% and reflecting sequential improvement. Despite operational challenges, our committed capacity built-up is on track and continuing our focus on productivity improvement. Going ahead, we are fully focusing on gradually returning to growth, prioritising investments in high value segments, improving Net debt leverage while defining our strategic roadmap to ensure long-term profitable and sustainable growth. We are pleased with our Q4 sequential improvement, supported from all divisions."

Result PDF

Pharmaceuticals company Laurus Labs announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Revenue was Rs 1,224 crore, a 22% YoY decrease. Excluding Purchase Orders, there was an 18% growth.
    • EBITDA was Rs 188 crore, down 58% YoY.
    • EBITDA margins stood at 15.4%.
    • Profit After Tax (PAT) amounted to Rs 37 crore, down 84% YoY.
    • PAT margins were at 3.0%.
    • Earnings Per Share (EPS) for the period, on a diluted basis, were Rs 0.6 per share (not annualized).
  • H1FY24:
    • Revenue was Rs 2,406 crore, showing a 23% YoY decrease. Excluding Purchase Orders, there was a 14% growth.
    • EBITDA amounted to Rs 356 crore, indicating a substantial 61% YoY decline.
    • EBITDA margins were at 14.8%.
    • Profit After Tax (PAT) was Rs 62 crore, down by 87% YoY.
    • PAT margins stood at 2.6%.
    • Earnings Per Share (EPS) for the period, on a diluted basis, were Rs 1.1 per share (not annualized).
    • An interim dividend of Rs 0.40 per share was declared.

Commenting on the highlights, Founder and Chief Executive Officer Dr. Satyanarayana Chava stated, “ImmunoAct associate company of Laurus became the first strategic collaboration to win marketing approval for India’s first CAR-T therapy, NexCAR19. We are proud of this important innovative breakthrough in treating blood cancer. We feel a combination of their pipeline, technology and Laurus' support in building manufacturing capabilities will accelerate our pursuit of next-generation innovation in cell therapies and new drug discovery. Q2 operating results started to improve and the health of our businesses is intact. Momentum in generic business has picked up during the quarter and CDMO-Synthesis is stable with a healthy scale-up in the project pipeline along with the expansion of our strategic partnerships. Our investments in transformative technology platforms are making good progress and future CDMO growth prospects are very encouraging. The recovery we saw in the quarter gives us confidence that we will have a better H2 resulting from both a healthy order book and strong commercial execution. Our priorities remain consistent on ensuring greater business resilience by accelerating our scientific advantage to deliver the best external and internal opportunities as well as long-term value creation.”

 

 

Result PDF

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