Divi's Laboratories on August 12 reported a 26 percent year-on-year growth in consolidated profit at Rs 702 crore for the quarter ended June FY23, largely driven by other income and lower tax costs. However, operating performance was weak.
The consolidated profit after tax for the June FY22 quarter stood at Rs 557.11 crore.
Consolidated revenue from operations in Q1FY23 grew by 15 percent to Rs 2,254.5 crore compared to corresponding period last fiscal.
On the operating front, EBITDA fell 0.6 percent year-on-year to Rs 846.70 crore during the June FY23 quarter, and margin contracted to 37.55 percent in Q1FY23, down 590 bps compared to 43.45 percent in the year-ago period.
The company's other income came in at Rs 88.4 crore, up 146 percent over the year-ago period, but tax costs fell 42 percent to Rs 149.3 crore during the same period.
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"Forex gain for the current quarter amounted to Rs 56 crore as against a gain of Rs 20 crore during the corresponding quarter of the last year," Divi's Labs said in its BSE filing.
The stock price reacted negatively to the quarterly numbers, falling 5.7 percent to Rs 3,724 on the NSE with volume of 17.56 lakh equity shares at the time of writing this report.