Divi's Lab dips on weak Q4 earnings

Q4 consolidated profit down 17% yoy at Rs 181 crore due to foreign exchange loss.

Divi’s Laboratories has dipped 6% to Rs 1,030 after reporting 17% year-on-year (yoy) decline in its consolidated net profit at Rs 181 crore for the fourth quarter ended March 31, 2013 , due to foreign exchange loss during the period. 

The pharmaceutical company had posted a net profit of Rs 217 crore in the same period of previous fiscal.

“Net sales too, declined 9% to Rs 656 crore on yoy basis,” Divi’s Laboratories said in a statement.

Analyst on an average had expected net profit of Rs 216 crore and net sales of Rs 803 crore for the quarter.

Meanwhile, the board has recommended a dividend of 750% or Rs 15 per share of Rs 2 each for the year ended March 31, 2013.

The stock opened at Rs 1,062 and hit a low of Rs 1,016 on NSE. A combined 198,226 shares changed hands on the counter so far on NSE and BSE.