I’ve owned laurus since early 2020. It’s already a huge part of my PF and i haven’t sold a share since(post selling Deepak nitrite and embassy it’s at 70 percent of my PF even now). It’s one of those few businesses i know very well and am comfortable with. As far as I’m concerned nothing has changed in the long term story… it’s just that ARV/API getting hit has happened earlier than expected. It’s still on track regards everything else until 2027 and as a bonus we may finally have a humble Dr chava now who doesn’t go overboard and ends up over performing instead of the cavalier chava from 2020 with his over the top targets. Im not too bothered about paxlovid contribution etc in the short term either. There will be a replacement over the next few years. That’s how their business works. A year of consolidation with upward surprises is what can be expected for the next year or so… but fully expecting things to kick in to full gear in FY25/26. My investment horizon is atleast until FY28 end so I’m just going to keep enjoying(and surviving) the ride. These downturns happen with every company and some point and I’m just getting it for cheap again(note that a lot can go wrong until FY28 with fires/usfda/de rating due to margins decreasing and cdmo not working out etc… that’s the risk one takes with Pharma so hence why buying at lower valuations ie under 20 PE etc when NOT in the good times makes sense). Remember that they jumped from 200 odd crores profit to 800 odd crores just 2 years ago. 1 more year of consolidation at 800 crores is fine by me since there’ll be another huge jump again hopefully by FY25 when op leverage and higher margins and contributions from ex api kick in
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