Divi's Laboratories Q2FY24 result: Net profit dips 29% to Rs 348 crore

Divi's Labs Q2 result: The revenue from operations, however, rose 3 per cent to Rs 1,909 crore in the period from Rs 1,855 crore last year

Divi's Laboratories on Monday reported a 29 per cent fall in its net profit to Rs 348 crore for the quarter that ended on September 30 as compared to Rs 493 crore in the same period last year. As compared to Rs 356 crore in the previous quarter, the profit was down 2.2 per cent.

The revenue from operations, however, rose 3 per cent to Rs 1,909 crore in the period from Rs 1,855 crore last year. In the previous quarter, the revenue from operations was Rs 1,778 crore. The company's total income rose to Rs 1,995 crore from Rs 1,935 crore in the same period last year. 

In the quarter, the company gained Rs 11 crore in forex as compared to Rs 31 crore in the corresponding period last year.

The company's profit before tax for the quarter amounted to Rs 469 crore as against Rs 615 crore for the corresponding quarter of the last year.

In the first six months of 2023-24, the company's net profit by 41.13 per cent fell to Rs 704 crore as compared to Rs 1,196 crore last year. In the six months, the forex gain stood at Rs 14 crore against Rs 87 crore last year.

In September, a high-level delegation of the US drug regulator US Food & Drug Administration visited the company's manufacturing facilities in Hyderabad. The visit covered a number of topics, including integration of new technologies and raising manufacturing facilities.

As of 1:30 pm, the company's shares were trading 0.75 per cent in the green at Rs 3,375 apiece on BSE.