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Q1FY24 Preview: Divi’s Laboratories: Revenue seen at Rs. 20,470 million, PAT at Rs. 4,378 million

10 Aug 2023 , 02:12 PM

Result date: 14th August, 2023

Recommendation: Reduce 

Target price: Rs. 2,750  

Divi’s Laboratories (Divi’s) could register decline in revenue as compared to the year-ago quarter, largely due to a high Molnupiravir-led base. Compared to ~US$60 million sales in Q1FY23, analysts at IIFL Securities estimate nil Molnupiravir sales by Divi’s in the June 2023 quarter. This will lead to a decline in revenue as well as profit numbers for the company as compared to the year-ago quarter.

Excluding Molnupiravir, though overall sales and CSM sales could each grow in mid-double digit over the year-ago quarter.

Sequential performance though is likely to be steady. CSM sales would get a leg up from initial traction from the Gadolinium based contrast media project. Sequentially, EBITDA margin should benefit from stable input cost inflation and discontinuation of high-cost inventory.

The company’s Profit After Tax (PAT) could fall 38% over the year-ago quarter and grow 36% sequentially.

Rs. Million

June 2023 estimates

QoQ change

YoY change









EBITDA margin


529 bps

(706) bps

Profit After Tax 




Source: IIFL Research

Related Tags

  • Divi’s Laboratories Q1
  • Divi’s Labs Q1
  • Divis laboratories
  • Divis Labs
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