The stock of Divi’s Laboratories is up 10 per cent over the last couple of trading sessions on expectations that the worst is behind and the company could see a sequential growth in the March quarter of the 2022-23 financial year (Q4FY23). The stock witnessed the highest downgrades among Nifty50 index stocks with earnings cuts over a third after the Q3FY23 results.
The company had posted a 32 per cent drop in revenues over the year ago quarter in Q3FY23 and 8 per cent sequentially, which was sharply lower than Street expectations. The decline was on account of muted custom synthesis business which fell by 54 per cent due to a high Covid-19-related base.
For Q4, while most brokerages expect a year-on-year (YoY) fall, they expect a sequential revenue growth. Vishal Manchanda and Bezad Deboo of Systematix Research point out that the worst is likely behind for Divi’s, which could report sequential mid-single digit revenue growth with margin
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