Divi's Labs Q2 net dips 13% to Rs 13.48 crore

Divi's Laboratories Limited's net profit for the second quarter ended September 30, 2004 dipped 13.03 per cent to Rs 13.48 crore as compared to Rs 15.5 crore earned during the corresponding period of the last fiscal.

A release from the company said that the dip in the net profit was because of the movement of certain products with higher material costs and increase in prices of petroleum and molasses-based solvents besides incidence of higher taxation consequent to withdrawal of exemption on profits.

The turnover of the company during the quarter increased 24.41 per cent to Rs 75.46 crore as compared to Rs 60.65 crore earned in the corresponding of the previous quarter. Divi's has filed for a drug master file with USFDA for one more product during the current quarter.

The company's net profit for the first half of the current fiscal dipped 9.26 per cent to Rs 27.81 crore as compared to Rs 30.65 crore earned during the same period last year. Tax provision for the current half of the year was much higher at Rs 14.75 crore as against Rs 10.4 crore during the corresponding half-year in the previous year.

The turnover for the first half of the fiscal grew 11.94 per cent from Rs 12.22 crore to Rs 13.68 crore. The earnings per share slipped from Rs 23.91 during the same period last year to Rs 21.7 during the first half of the current fiscal.