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Q3FY24 Preview: Divi’s Laboratories: Revenue seen at ₹20,150 Million, PAT at ₹4,256 Million

8 Feb 2024 , 03:21 PM

Result date: February 10, 2024

Recommendation: Reduce

Target price: ₹3,160

Analysts at IIFL Securities believe Divi’s Laboratories could post revenue growth of 6% sequentially and 18% over the year-ago quarter. This will be driven by 4/9% sequential revenue growth in the Generic/CS segment, as the CS segment is likely to benefit from the fast-track Contrast Media project (Iopromide). 

Analysts at IIFL Securities have also factored-in the company’s EBITDA margins to improve ~340 basis points sequentially to 29.5%, driven by sequential growth in the CS segment and stabilization in raw material prices. They expect nil contribution from Molnu in Q3FY24 versus $2mn in the year-ago quarter. 

Profit After Tax or PAT could improve 39% over the year-ago quarter and 16% sequentially.

Important management insights to watch out for:

  • Update on approvals for additional capacity
  • Commissioning of additional lines in custom synthesis capex
  • Progress towards manufacturing 10 new molecules
₹ Million

December 2023 estimates

YoY change

QoQ change

Revenue

20,150

18.0%

5.6%

Generic revenue*

11,863

15.8%

3.6%

CS

8,287

21.3%

8.5%

EBITDA

5,944

45.6%

19.1%

EBITDA margin

29.5%

559 bps

336 bps

Profit After Tax

4,256

38.7%

15.7%

Source: IIFL Research

Related Tags

  • Divis laboratories
  • Divis Laboratories Q3
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