The March 2026 quarter showcased Laurus Labs' operational excellence, with net sales reaching an all-time high of ₹1,811.57 crores, representing modest sequential growth of 1.87% over December 2025. More impressively, the company's operating profit before depreciation, interest, and tax (excluding other income) jumped to ₹512.11 crores, yielding an exceptional margin of 28.27%—the highest in recent quarters and a substantial improvement from 24.45% in the year-ago period. This margin expansion reflects improved product mix, operational efficiencies, and favourable pricing dynamics in key export markets.
On a full-year basis, FY26 consolidated net profit reached ₹888.79 crores, marking a dramatic turnaround from FY25's ₹233.67 crores. This represents a year-on-year growth of 280.36%, underscoring the company's successful navigation through a challenging FY24 that saw profits plummet to ₹168.00 crores. The recovery has been broad-based, with sequential improvements visible across all four quarters of FY26, culminating in the strong March quarter performance.
| Quarter | Net Sales (₹ Cr) | QoQ Growth | YoY Growth | Net Profit (₹ Cr) | QoQ Growth | YoY Growth | PAT Margin |
|---|---|---|---|---|---|---|---|
| Mar'26 | 1,811.57 | +1.87% | +5.31% | 279.14 | +10.92% | +19.46% | 15.56% |
| Dec'25 | 1,778.29 | +7.55% | +25.67% | 251.66 | +29.08% | +172.65% | 14.23% |
| Sep'25 | 1,653.47 | +5.35% | +35.12% | 194.97 | +19.60% | +882.71% | 11.72% |
| Jun'25 | 1,569.57 | -8.76% | — | 163.02 | -30.23% | — | 10.26% |
| Mar'25 | 1,720.30 | +21.57% | — | 233.67 | +153.16% | — | 13.59% |
| Dec'24 | 1,415.05 | +15.64% | — | 92.30 | +365.22% | — | 6.40% |
| Sep'24 | 1,223.70 | — | — | 19.84 | — | — | 1.45% |
Financial Performance: Margin Expansion Takes Centre Stage
The March 2026 quarter's standout feature was the remarkable operating leverage displayed by Laurus Labs. Operating profit before depreciation, interest, and tax (excluding other income) reached ₹512.11 crores, up 21.77% year-on-year from ₹420.60 crores in March 2025. The operating margin (excluding other income) expanded by 383 basis points to 28.27%, reflecting improved cost management and favourable product mix shifts towards higher-margin speciality APIs.
Sequentially, the operating profit grew 6.64% from December 2025's ₹480.21 crores, whilst the margin improved by 127 basis points. This consistent quarterly progression demonstrates the sustainability of the margin improvement story. The company's gross profit margin also witnessed healthy expansion, rising to 26.69% in Q4 FY26 from 24.58% in the year-ago quarter, indicating better realisation and manufacturing efficiencies.
Net profit after tax (standalone) for Q4 FY26 stood at ₹281.91 crores, translating to a PAT margin of 15.56%—a significant improvement from 13.59% in March 2025. The consolidated net profit of ₹279.14 crores represented a 10.92% sequential increase and a robust 19.46% year-on-year growth. Earnings per share for the quarter reached ₹5.17, the highest in the company's recent history.
Employee costs in Q4 FY26 increased to ₹235.85 crores from ₹177.70 crores in the year-ago quarter, reflecting strategic investments in talent acquisition and retention as the company scales operations. Interest costs declined substantially to ₹40.44 crores from ₹56.40 crores year-on-year, demonstrating improved financial efficiency and debt management. The effective tax rate for the quarter stood at 21.99%, lower than the 25.12% recorded in March 2025.
Operational Excellence: Return Ratios Signal Quality Improvement
Laurus Labs' return on capital employed (ROCE) stood at 14.92% for the latest period, whilst the average ROCE over recent periods reached 17.62%. This represents a healthy return profile, particularly considering the capital-intensive nature of pharmaceutical manufacturing. The return on equity (ROE) of 14.23% for the latest period, with an average of 16.67%, underscores efficient capital deployment and value creation for shareholders. Higher ROE indicates superior capital efficiency, and Laurus Labs' performance in this metric demonstrates the management's ability to generate attractive returns on shareholder equity.
The company's balance sheet reflects a disciplined approach to growth financing. As of March 2025, shareholder funds stood at ₹4,472.56 crores, up from ₹4,110.95 crores in the previous year. Long-term debt decreased to ₹645.58 crores from ₹798.23 crores, whilst the debt-to-EBITDA ratio averaged 1.89—indicating manageable leverage levels. The net debt-to-equity ratio of 0.45 provides adequate financial flexibility for future growth investments whilst maintaining balance sheet strength.
Fixed assets increased to ₹3,934.08 crores in March 2025 from ₹3,711.69 crores, reflecting ongoing capacity expansion initiatives. Current assets stood at ₹4,332.32 crores, providing sufficient liquidity cushion. The company's operating profit to interest coverage ratio reached an impressive 12.66 times in Q4 FY26, the highest in recent quarters, demonstrating robust debt servicing capability and reduced financial risk.
Operational Strength: Industry-Leading Metrics
Key Highlights: Laurus Labs achieved record-high operating margins of 28.27% in Q4 FY26, driven by improved product mix and manufacturing efficiencies. The company's operating profit to interest coverage of 12.66 times provides substantial financial headroom, whilst ROCE of 17.62% (average) demonstrates superior capital efficiency. These metrics position Laurus Labs amongst the top performers in the pharmaceutical API manufacturing sector.
Margin Dynamics: Pricing Power and Product Mix Drive Profitability
The pharmaceutical sector has witnessed significant pricing volatility over recent years, particularly in generic API segments. Laurus Labs' ability to expand margins during Q4 FY26 reflects strategic positioning in higher-margin speciality segments and successful cost optimisation initiatives. The operating margin (excluding other income) progression from 14.57% in September 2024 to 28.27% in March 2026 represents a remarkable turnaround.
This margin expansion has been achieved despite elevated employee costs, which rose to ₹235.85 crores in Q4 FY26 from ₹177.70 crores in the year-ago quarter. The company appears to be investing in talent to support growth in complex molecule manufacturing and research-driven product development. Depreciation costs also increased to ₹122.10 crores from ₹110.43 crores, reflecting ongoing capacity additions.
The gross profit margin improvement to 26.69% from 24.58% year-on-year indicates better raw material sourcing, manufacturing efficiencies, and favourable product pricing. The company's focus on backward integration for key intermediates has likely contributed to improved cost structures. Additionally, the shift towards higher-value oncology and hepatitis C APIs has enhanced overall profitability.
| Metric | Q4 FY26 | Q3 FY26 | Q2 FY26 | Q1 FY26 | Q4 FY25 |
|---|---|---|---|---|---|
| Operating Margin (Excl OI) | 28.27% | 27.00% | 24.39% | 24.35% | 24.45% |
| Gross Profit Margin | 26.69% | 25.15% | 23.60% | 21.73% | 24.58% |
| PAT Margin | 15.56% | 14.23% | 11.72% | 10.26% | 13.59% |
| Employee Cost (₹ Cr) | 235.85 | 229.24 | 215.56 | 214.80 | 177.70 |
| Interest Cost (₹ Cr) | 40.44 | 38.79 | 40.00 | 51.50 | 56.40 |
Industry Leadership: How Laurus Labs Compares to Peers
Within the pharmaceuticals and biotechnology sector, Laurus Labs occupies a distinctive position with its specialisation in API manufacturing for anti-retrovirals, oncology, and hepatitis C. The company's valuation metrics reflect market recognition of its growth trajectory and quality improvements, though they command a premium relative to peers.
At a price-to-earnings ratio of 70.36 times trailing twelve-month earnings, Laurus Labs trades at a significant premium to sector averages. This compares with Mankind Pharma at 49.42 times, Glenmark Pharma at 27.72 times, Alkem Laboratories at 27.02 times, Aurobindo Pharma at 22.80 times, and Zydus Lifesciences at 17.29 times. The elevated multiple reflects investor confidence in the company's recovery momentum and future growth prospects.
The price-to-book value ratio of 12.35 times is substantially higher than peers, with Glenmark Pharma at 7.07 times, Mankind Pharma at 6.04 times, Alkem Laboratories at 4.87 times, Zydus Lifesciences at 3.55 times, and Aurobindo Pharma at 2.30 times. This premium valuation is partially justified by Laurus Labs' superior return on equity of 16.67%, which compares favourably with Zydus Lifesciences (17.34%), Mankind Pharma (16.64%), and Alkem Laboratories (16.90%), whilst outperforming Glenmark Pharma (10.68%) and Aurobindo Pharma (10.48%).
| Company | P/E (TTM) | P/BV | ROE % | Div Yield % | Debt/Equity |
|---|---|---|---|---|---|
| Laurus Labs | 70.36 | 12.35 | 16.67% | 0.15% | 0.45 |
| Mankind Pharma | 49.42 | 6.04 | 16.64% | 0.04% | 0.34 |
| Glenmark Pharma | 27.72 | 7.07 | 10.68% | 0.21% | -0.15 |
| Alkem Laboratories | 27.02 | 4.87 | 16.90% | 0.94% | -0.05 |
| Aurobindo Pharma | 22.80 | 2.30 | 10.48% | 0.29% | -0.03 |
| Zydus Lifesciences | 17.29 | 3.55 | 17.34% | 1.23% | 0.10 |
Laurus Labs' debt-to-equity ratio of 0.45 positions it in the middle of the peer group, with lower leverage than Mankind Pharma (0.34) and Zydus Lifesciences (0.10), but higher than debt-free peers like Aurobindo Pharma, Alkem Laboratories, and Glenmark Pharma. The dividend yield of 0.15% is the lowest amongst peers, reflecting management's preference for reinvesting profits into growth initiatives rather than distributing cash to shareholders.
The valuation premium appears justified by Laurus Labs' superior growth trajectory, with five-year sales growth of 9.65% demonstrating consistent expansion. The company's market capitalisation of ₹59,476 crores positions it as the sixth-largest player in the peer group, reflecting its mid-cap status with significant growth potential.
Valuation Analysis: Premium Pricing Reflects Growth Expectations
Laurus Labs' current valuation metrics reflect strong market optimism regarding the company's recovery trajectory and future growth prospects. At ₹1,099.10, the stock trades at a price-to-earnings ratio of 70.36 times, substantially above the industry average of 33 times. This premium valuation has been a consistent feature, with the stock classified as "Very Expensive" by valuation assessments since late 2024.
The price-to-book value ratio of 12.35 times significantly exceeds the book value per share of ₹82.94, indicating that investors are willing to pay a substantial premium for the company's intangible assets, including its product pipeline, regulatory approvals, and market positioning. The enterprise value-to-EBITDA multiple of 36.46 times and EV-to-EBIT of 50.49 times further underscore the premium nature of the valuation.
However, the PEG ratio of 0.22 suggests that the valuation may not be excessive when adjusted for growth expectations. This low PEG ratio indicates that the high P/E multiple is supported by strong anticipated earnings growth. The company's five-year sales CAGR of 9.65% and the dramatic profit recovery witnessed in FY26 provide some justification for the premium valuation.
Valuation Dashboard
P/E Ratio (TTM): 70.36x (Industry: 33x) | P/BV Ratio: 12.35x | EV/EBITDA: 36.46x | Dividend Yield: 0.15% | PEG Ratio: 0.22x | Overall Assessment: Very Expensive
The stock's 52-week range of ₹573.20 to ₹1,144.50 demonstrates significant volatility, with the current price positioned 91.75% above the 52-week low and just 3.97% below the 52-week high. This positioning near all-time highs reflects sustained buying interest following the strong quarterly results and improved operational metrics.
The dividend yield of 0.15% is minimal, with the latest dividend of ₹0.80 per share representing a payout ratio of 26.86%. This conservative payout policy suggests management's focus on retaining capital for growth investments, capacity expansion, and research and development activities.
Shareholding: Institutional Confidence Building Steadily
The shareholding pattern of Laurus Labs reveals a balanced ownership structure with gradual institutional accumulation. Promoter holding remained stable at 27.49% in March 2026, unchanged from December 2025 but marginally lower than the 27.62% stake held in March 2025. The stable promoter holding provides confidence in management's long-term commitment to the business.
Foreign institutional investors (FIIs) held 25.82% of the equity as of March 2026, down marginally by 0.70% from December 2025's 26.52%. Despite this sequential decline, FII holding has increased from 25.52% in March 2025, indicating net buying over the fiscal year. The presence of 349 foreign institutional investors demonstrates broad-based international interest in the company's growth story.
Mutual fund holdings witnessed the most significant increase, rising to 11.22% in March 2026 from 9.49% in December 2025 and 6.88% in March 2025. This represents sequential growth of 1.73% and year-on-year expansion of 4.34 percentage points. The participation of 36 mutual funds reflects growing domestic institutional confidence in the company's prospects. This consistent accumulation by mutual funds is a positive indicator of professional investors' conviction in the stock.
| Category | Mar'26 | Dec'25 | Sep'25 | Jun'25 | Mar'25 | QoQ Change |
|---|---|---|---|---|---|---|
| Promoter | 27.49% | 27.49% | 27.59% | 27.59% | 27.62% | 0.00% |
| FII | 25.82% | 26.52% | 26.16% | 25.70% | 25.52% | -0.70% |
| Mutual Funds | 11.22% | 9.49% | 8.53% | 7.78% | 6.88% | +1.73% |
| Insurance | 1.50% | 1.52% | 1.76% | 2.76% | 3.63% | -0.02% |
| Other DII | 1.24% | 1.41% | 1.44% | 1.40% | 1.27% | -0.17% |
| Non-Institutional | 32.71% | 33.56% | 34.51% | 34.77% | 35.09% | -0.85% |
Insurance company holdings declined to 1.50% from 3.63% in March 2025, representing a significant reduction of 2.13 percentage points over the year. Other domestic institutional investor (DII) holdings remained relatively stable at 1.24%, down marginally from 1.27% a year earlier. Non-institutional holdings decreased to 32.71% from 35.09%, indicating a shift from retail to institutional ownership—generally viewed as a positive development for stock stability and liquidity.
Overall institutional holdings stood at 39.79%, up from prior levels, demonstrating professional investors' growing confidence in Laurus Labs' turnaround story. The absence of significant promoter pledging (only 2.69% of shares pledged) provides additional comfort regarding governance and financial stability.
Stock Performance: Exceptional Returns Across All Timeframes
Laurus Labs has delivered exceptional returns to shareholders across multiple timeframes, significantly outperforming both the benchmark Sensex and the pharmaceuticals sector. Over the past year, the stock has surged 82.03%, compared to the Sensex's decline of 4.15%, generating an impressive alpha of 86.18 percentage points. This performance places Laurus Labs amongst the top performers in the pharmaceutical sector, which posted a modest 5.65% return over the same period.
The outperformance extends across shorter timeframes as well. Over three months, the stock gained 13.88% whilst the Sensex declined 6.51%, producing an alpha of 20.39%. The six-month return of 13.31% compared favourably against the Sensex's loss of 8.88%, delivering an alpha of 22.19%. Year-to-date, despite a marginal decline of 0.82%, the stock has outperformed the Sensex's 9.75% fall by a significant margin.
Long-term investors have been rewarded handsomely, with two-year returns of 144.11% (versus Sensex's 3.26%), three-year returns of 257.26% (versus Sensex's 25.86%), and five-year returns of 142.57% (versus Sensex's 57.67%). These figures underscore the wealth creation potential of the stock for patient investors who held through the FY24 downturn.
| Period | Stock Return | Sensex Return | Alpha | Sector Return |
|---|---|---|---|---|
| 1 Week | -2.63% | -0.97% | -1.66% | — |
| 1 Month | +10.81% | +6.90% | +3.91% | — |
| 3 Months | +13.88% | -6.51% | +20.39% | — |
| 6 Months | +13.31% | -8.88% | +22.19% | — |
| YTD | -0.82% | -9.75% | +8.93% | — |
| 1 Year | +82.03% | -4.15% | +86.18% | +5.65% |
| 2 Years | +144.11% | +3.26% | +140.85% | — |
| 3 Years | +257.26% | +25.86% | +231.40% | — |
| 5 Years | +142.57% | +57.67% | +84.90% | — |
The stock's risk-adjusted return of 2.82 over one year, compared to the Sensex's negative risk-adjusted return of -0.31, demonstrates that the outperformance has been achieved with acceptable volatility. The stock's volatility of 29.13% is higher than the Sensex's 13.42%, reflecting its mid-cap nature and sector-specific dynamics. The beta of 1.20 indicates that the stock is approximately 20% more volatile than the broader market, classifying it as a high-beta stock suitable for investors with moderate-to-high risk tolerance.
Recent price action shows the stock trading at ₹1,099.10 as of April 30, 2026, down 0.60% from the previous close of ₹1,105.70. The stock is currently positioned above all major moving averages, including the 5-day (₹1,106.51), 20-day (₹1,097.26), 50-day (₹1,049.54), 100-day (₹1,040.61), and 200-day (₹969.68) moving averages, confirming the bullish technical trend.
Investment Thesis: Quality Improvement Meets Growth Recovery
Laurus Labs presents a compelling investment case built on four key pillars: improving financial trends, good fundamental quality, bullish technical momentum, and strong growth recovery. The company's proprietary investment score of 77 out of 100 places it in the "Buy" category, reflecting balanced optimism tempered by valuation concerns.
The financial trend assessment is decisively positive, with the March 2026 quarter marking the highest levels for multiple metrics including net sales, operating profit, PAT margin, and earnings per share. The sequential improvement across all four quarters of FY26 demonstrates sustainable momentum rather than one-time gains. The operating profit to interest coverage of 12.66 times provides substantial financial cushion, whilst the highest-ever ROCE of 17.30% on a half-yearly basis signals improving capital efficiency.
Quality assessment rates the company as "Good," supported by healthy five-year sales growth of 9.65%, adequate interest coverage (EBIT to interest of 6.87 times), low debt levels (debt-to-EBITDA of 1.89), and strong institutional participation at 39.79%. The average ROCE of 17.62% and ROE of 16.67% demonstrate consistent value creation over time. These quality indicators provide confidence in the sustainability of the business model.
Technical analysis supports the bullish narrative, with the stock classified as "Bullish" since mid-April 2026. Multiple technical indicators including MACD, Bollinger Bands, moving averages, KST, and Dow Theory flash bullish signals on weekly and monthly timeframes. The stock's position above all major moving averages reinforces the positive technical setup, though on-balance volume shows mildly bearish signals, warranting caution.
However, valuation remains a significant concern. At a P/E ratio of 70.36 times and P/BV of 12.35 times, the stock trades at "Very Expensive" levels relative to historical norms and peer group averages. This premium valuation leaves limited margin of safety and makes the stock vulnerable to any disappointment in future quarterly results or guidance.
Mojo Investment Parameters
Valuation: Very Expensive (P/E: 70.36x) | Quality Grade: Good (ROCE: 17.62%, ROE: 16.67%) | Financial Trend: Positive (Record margins, consistent QoQ improvement) | Technical Trend: Bullish (Above all MAs, multiple bullish indicators) | Overall Score: 77/100 (Buy)
Key Strengths & Risk Factors
KEY STRENGTHS
- Margin Expansion Leadership: Operating margins reached 28.27% in Q4 FY26, up from 14.57% in September 2024, demonstrating exceptional operational leverage and pricing power in speciality API segments.
- Strong Return Ratios: ROCE of 17.62% (average) and ROE of 16.67% indicate superior capital efficiency and effective management of shareholder equity, outperforming several larger peers.
- Robust Interest Coverage: Operating profit to interest ratio of 12.66 times provides substantial financial cushion and demonstrates strong debt servicing capability with minimal financial risk.
- Institutional Confidence: Mutual fund holdings increased to 11.22% from 6.88% year-on-year, with 36 funds participating, reflecting growing professional investor conviction in the turnaround story.
- Consistent Quarterly Improvement: Sequential profit growth across all four quarters of FY26, with Q4 marking record highs for sales, operating profit, and PAT, demonstrating sustainable momentum.
- Manageable Leverage: Debt-to-EBITDA of 1.89 and net debt-to-equity of 0.45 provide financial flexibility for growth investments whilst maintaining balance sheet strength.
- Strong Stock Performance: One-year return of 82.03% with alpha of 86.18% versus Sensex demonstrates market recognition of the operational turnaround and growth potential.
KEY CONCERNS
- Very Expensive Valuation: P/E ratio of 70.36 times (vs industry 33x) and P/BV of 12.35 times leave minimal margin of safety and make the stock vulnerable to any earnings disappointment.
- Rising Employee Costs: Employee expenses surged to ₹235.85 crores from ₹177.70 crores year-on-year, potentially pressuring margins if not offset by revenue growth.
- Declining Insurance Holdings: Insurance company stake fell from 3.63% to 1.50% over the year, indicating reduced confidence from this institutional category.
- API Pricing Volatility: Generic API segments face significant pricing pressure from Chinese competition and regulatory changes, posing revenue stability risks.
- Low Dividend Yield: Dividend yield of just 0.15% provides minimal income support, making the stock purely a capital appreciation play with higher risk.
- High Beta Stock: Beta of 1.20 indicates 20% higher volatility than the market, with stock volatility of 29.13% requiring higher risk tolerance from investors.
- Concentration Risk: Heavy reliance on anti-retroviral and oncology APIs exposes the company to therapeutic area-specific regulatory and competitive risks.
Outlook: What to Watch in Coming Quarters
POSITIVE CATALYSTS
- Sustained Margin Expansion: Further improvement in operating margins beyond 28.27% through product mix optimisation and manufacturing efficiencies.
- Volume Growth Acceleration: Revenue growth exceeding single-digit levels driven by new product launches and market share gains in key therapeutic segments.
- New Product Approvals: Regulatory approvals for complex molecules in oncology and speciality segments that command premium pricing.
- Debt Reduction: Continued deleveraging with further decline in long-term debt from ₹645.58 crores, improving financial flexibility.
- Institutional Accumulation: Further increase in mutual fund and FII holdings beyond current 37.04% combined stake, providing price support.
RED FLAGS TO MONITOR
- Margin Compression: Any sequential decline in operating margins from 28.27% would signal pricing pressure or cost inflation concerns.
- Revenue Stagnation: Flat or declining quarterly sales would raise questions about demand sustainability and competitive positioning.
- Rising Working Capital: Significant increase in receivables or inventory days indicating cash flow stress or demand slowdown.
- Promoter Stake Reduction: Any decline in promoter holding from current 27.49% could signal confidence issues.
- Regulatory Setbacks: FDA observations, import alerts, or product recalls that could impact revenue and reputation in key markets.
Looking ahead, investors should closely monitor Laurus Labs' ability to sustain the margin expansion trajectory whilst accelerating top-line growth. The company's success in launching new products in complex molecule segments, maintaining quality standards across manufacturing facilities, and managing working capital efficiently will be critical to justifying the premium valuation. Any signs of margin pressure, regulatory challenges, or demand slowdown could trigger significant valuation compression given the elevated multiples.
The Verdict: Quality Turnaround at Premium Valuation
Score: 77/100
For Fresh Investors: Laurus Labs represents a high-quality pharmaceutical manufacturer that has successfully navigated a challenging FY24 to deliver exceptional margin expansion and profit growth in FY26. The company's strong return ratios, improving financial trends, and bullish technical setup support accumulation. However, the very expensive valuation (P/E of 70.36x) demands a cautious approach. Fresh investors should consider building positions gradually on any dips towards the ₹1,000-1,050 range, where risk-reward becomes more favourable. The stock is suitable for investors with moderate-to-high risk tolerance and a 2-3 year investment horizon.
For Existing Holders: Shareholders who bought at lower levels are sitting on substantial gains (82% one-year return). Consider booking partial profits at current levels to lock in gains, whilst holding a core position to benefit from the ongoing recovery momentum. The stock's position above all moving averages and positive financial trends support continued holding, but the elevated valuation warrants profit protection. Maintain stop-loss discipline and monitor quarterly results closely for any signs of margin pressure or growth deceleration.
Fair Value Estimate: ₹950-1,000 (10-14% downside from current levels), based on 60x P/E on FY27 estimated earnings. Current price of ₹1,099 reflects optimistic growth expectations already priced in.
Investment Rationale: The BUY rating is supported by exceptional operational performance, industry-leading margin expansion, strong return ratios, and bullish technical momentum. However, the very expensive valuation limits upside potential and increases downside risk. This is a quality business at a premium price—suitable for patient investors willing to pay for growth, but requiring careful position sizing and entry timing.
Note- ROCE= (EBIT - Other income)/(Capital Employed - Cash - Current Investments)
⚠️ Investment Disclaimer
This article is for educational and informational purposes only and should not be construed as financial advice. Investors should conduct their own due diligence, consider their risk tolerance and investment objectives, and consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results. Stock investments carry inherent risks, including the potential loss of principal. The views expressed herein are based on information available as of the publication date and are subject to change without notice.
