Divi's Labs Shares Decline Over 6% After Q4 Earnings
Shares of Divi's Laboratories fell more than 6 per cent on Tuesday as the company's March quarter earnings failed to cheer investors. The stock dropped as much as 6.35 per cent to hit an intraday low of Rs 3,650.
As of 12:12 pm, the shares were trading 5.48 per cent lower at Rs 3,684. On NSE, the stock was down 5.30 per cent at Rs 3,691.20.
Divi's Labs' consolidated net profit increased by 78 per cent to Rs 895 crore in the quarter ended on March 31, 2022. The drug maker had posted a net profit of Rs 502 crore in the March quarter of 2020-21 fiscal.
Revenue from operations rose to Rs 2,518 crore during the fourth quarter (Q4), as against Rs 1,788 crore in the year-ago period, Divi's Labs said on Monday.
For the year ended in March 2022, the company posted a consolidated net profit of Rs 2,960 crore as against Rs 1,984 crore in FY21 (2020-21).
Revenue from operations jumped to Rs 8,960 crore 2021-22 as compared with Rs 6,969 crore in FY21.
The company also recommended a dividend of Rs 30 per share of face value Rs 2 (1,500 per cent) for FY22.
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