Shares of Divi’s Laboratories tanked over 9 per cent in the afternoon session today after the pharma firm reported a 19 per cent fall in Q2 profit. Net profit fell to Rs 493.6 crore in Q2, down 18.6 per cent for the July-September period compared with the corresponding quarter a year ago. Revenue declined 6.7 per cent on year to Rs 1,854.5 crore for the three-month period. The earnings fell below street estimates. Edelweiss had projected a profit of Rs 625.70 crore, rising 2.3 per cent YoY. Sales were seen climbing to Rs 2,305.50 crore, up 16 per cent YoY.
The drug maker logged a forex gain of Rs 30 crore for the September quarter against a forex loss of Rs 7 crore for the year-ago period.
Divi’s Laboratories stock tanked 9.01 per cent to Rs 3,407 against the previous close of Rs 3,745.05 on BSE. The stock crashed 9.63 per cent from the high point of the day after Q2 earnings were announced. The stock had hit an intraday high of Rs 3,770 on BSE.
With today’s fall, the stock was trading 3 per cent away from the 52-week low of Rs 3,365 hit on May 26, 2022. Divi’s Labs shares are trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Market cap of the firm fell to Rs 90,889 crore on BSE.
Divi’s Laboratories shares have lost 26.75 per cent in 2022 and declined 34.29 per cent in a year. Total 0.69 lakh shares of the firm changed hands amounting to a turnover of Rs 24.28 crore on BSE. At 3:00 pm, the stock was trading 8.73 per cent lower at Rs 3,418 against the previous close of Rs 3,745 on BSE.
Profit after tax for the half-year ended September 2022 came at Rs 1196 crore against Rs 1164 crore for the previous half-year. For H1, the company reported a forex gain of Rs 87 crore against a gain of Rs 13 crore during the corresponding period last year.
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