Divi’s Lab's net profit in the March quarter down y-o-y by 64%

22 May 2023 , 10:16 AM

Divi’s Laboratories witnessed a significant 64% decline in consolidated net profit for the March quarter, amounting to Rs 321 crore, compared to the previous year. Furthermore, the company experienced a 22.5% year-on-year decrease in consolidated revenue, totaling Rs 1,951 crore.

In the March quarter, Divi’s Laboratories saw a sequential increase in net profit of almost 5%, while revenue witnessed a growth of 14.2%.

In the fourth quarter, the operating profit of the company, measured as EBITDA (earnings before interest, taxes, depreciation, and amortization), experienced a sharp 56% year-on-year decline, amounting to Rs 488 crore. Additionally, the operating margin contracted significantly by 1886 basis points, reaching 24.99%.

In FY23, the company recorded a substantial 38.4% decline in net profit, totaling Rs 1,823 crore. Furthermore, the company experienced a decline of more than 13% in revenue, amounting to Rs 7,768 crore.

According to a press release by the company, the decline in revenue for FY23 compared to the previous year was attributed to a considerable decrease in the volume of COVID-related business opportunities.

At around 9.48 AM, Divi’s Lab was trading 2.62% higher at Rs 3,179.50, against the previous close of Rs 3,098.30 on NSE.

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