Divis Labs Q4 net up 35.40% at Rs 175 cr

Drug firm Divis Laboratories today said, backed by strong exports, its consolidated net profit rose by 35.40% to Rs 175.19 crore for the fourth quarter ended March 31, 2011.

The company had posted a net profit of Rs 129.38 crore for the same quarter previous fiscal, Divis Laboratories said in a filing to the Bombay Stock Exchange (BSE).

"As has been the trend, exports constituted 93 per cent of the sales and about 75% (of exports) to the advanced markets in North America and Europe," the company said.

The company said its board of directors at its meeting held today has recommended a dividend of Rs 10 per equity share of Rs 2 each, (500 per cent) for the year ended March 31, 2011.

Consolidated net sales of the company for the fourth quarter ended March 31, 2011 rose to Rs 478.61 crore over Rs 314.13 crore in the corresponding period last fiscal.

The company's net profit for the year ended March 31, 2011 stood at Rs 429.27 crore as against Rs 340.34 crore for the year ended March 31, 2010.

Net sales of the company for the year ended March 31,2011 stood at Rs 1,307.11 crore over Rs 941.62 crore for the previous fiscal.

On a standalone basis, the company posted a net profit of Rs 174.75 crore for the fourth quarter ended March 31,2011 over Rs 130.01 crore for the same period previous fiscal.

"The company has a total of 41 drug master files (DMFs) with the US Food and Drug Administration (USFDA) and certificate of suitability with European Directorate for 12 products," Divis Laboratories said.

Shares of Divis Laboratories Ltd today closed at Rs 727.30 on BSE, up 2.40% from its previous close.