Pharmaceutical giant Divi's Laboratories Ltd. on August 14 reported a 49.3 percent decline in consolidated net profit to Rs 356 crore in the April-June quarter from Rs 702 crore a year ago.
Revenue from operations increased 21.2 percent to Rs 1778 crore from Rs 2255 crore last fiscal, the company said.
The company's bottomline missed Moneycontrol's estimate of Rs 407.8 crore, and the topline too missed the Street estimate of Rs 2,038 crore.
Net profit improved sequentially by 10.9 percent from Rs 321 crore in the Jan-Mar quarter of FY23.
Moreover, forex gain for the current quarter amounted to Rs 3 crores as against a gain of Rs 56 crore during the corresponding quarter of the last year.
The company's operational performance also improved through the quarter as earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 40.6 percent to Rs 504 crore from Rs 847 crore clocked in the base quarter.
EBITDA margin or operating profit margin also fell 930 basis points to 28.3 percent in the reported quarter compared with 37.6 percent in the same quarter last year.
The company said that it remained optimistic on opportunities emerging in its investor call post the results. They also added that raw material prices showed downward trend and expect further softening. The management also expects an improvement in terms of margin & growth.
Shares of the company reacted positively to the results and were trading at Rs 3697.35, which was 0.49 percent higher than yesterday’s close at 1.03 pm, on August 14.
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