Divis Lab slides as Q3 PAT drops 66% YoY to Rs 307 cr

Divis Laboratories tumbled 9.58% to Rs 2,954.10 after the pharmaceutical company's consolidated net profit slumped 66% to Rs 306.80 crore on 31.51% decline in revenue from operations to Rs 1,707.68 crore in Q3 FY23 over Q3 FY22.

Total income stood at Rs 1,821.93 crore in Q3 FY23, down 27.41% from Rs 2,509.86 crore recorded in the same period a year ago. Material consumption for this quarter came to be about 43% of sales revenue due to change in product mix.

Consolidated profit before tax dropped 57.86% to Rs 435.63 crore in the quarter ended 31 December 2022 as compared to Rs 1,033.66 crore posted in Q3 FY22.

Total expense decreased by 6.09% year on year to Rs 1,386.30 crore in Q3 FY23. Cost of material consumed was at Rs 604.40 crore (down 32.93% YoY) and employee benefit expenses stood at Rs 238.88 crore (down 2.35% YoY) during the period under review.

On a standalone basis, the company net profit tumbled 65.73% to Rs 310.90 crore on 31.5% fall in revenue to Rs 1,689.83 crore in Q3 FY23 over Q3 FY22.

Divis Laboratories is engaged in the manufacture of active pharmaceutical ingredients, intermediates and nutraceutical ingredients.

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