Divi's Laboratories Ltd reported a 18.6 percent on-year drop in net profit to Rs 493.6 crore in the second quarter of fiscal year 2022-23 (Q2FY23), as per the results declared by the pharmaceutical company on November 7.
In the corresponding quarter of the past fiscal year, Divi's Labs had recorded a profit of Rs 606.5 crore. The numbers were also down sequentially, as the drugmaker's Q1FY23 net stood at Rs 702 crore.
The company's revenue from operations in Q2FY23 came in at Rs 1,854.5 crore, which was 6.7 percent lower as against Rs 1,987.5 crore clocked in the year-ago period. The slide was sharper quarter-on-quarter, as Divi's Labs had reported a revenue of Rs 2,254.5 crore in the June 2022 quarter.
The earnings before interest, depreciation, tax and amortization (EBIDTA) in the September 2022 quarter was Rs 621 crore, which was 24.1 percent lower as compared to Rs 818.8 crore recorded in Q2FY22.
The EBIDTA margin in Q2FY23 was recorded as 33.5 percent, which was 770 basis points lower as against 41.2 percent reported in the second quarter of the last fiscal.
Shares of Divi's Labs faced a setback at the stock market on the day the company announced the Q2 results. At the BSE, it settled at Rs 3,413.70 apiece at the end of the market hours, which was 8.85 percent lower as against the previous day's close.