Divis Lab tanks nearly 6% on lower Q2 net profit

Shares of Divis Laboratories today plunged nearly 6 per cent after it reported a 24.60 per cent drop in standalone net profit for the September quarter.

The stock tanked 5.65 per cent to end at Rs 1,160 on BSE. Intra-day, it lost 9.63 per cent to Rs 1,111.

On NSE, it declined 4.87 per cent to close at Rs 1,161.50.

Drug firm Divis Laboratories on Saturday reported a 24.60 per cent slump in standalone net profit to Rs 223.85 crore for the quarter ended September, mainly on account of increased expenses.

The company had posted a net profit from ordinary activities after tax of Rs 296.90 crore during the same period of last fiscal, Divis Laboratories said in a BSE filing.
 

The company's standalone total income from operations stood at Rs 1,005.43 crore for the quarter under review. It was Rs 971.69 crore in the year-ago period.