BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Divi’s Laboratories Ltd. reported an in-line Q3 driven by volume growth across the product portfolio.
While on a sequential basis the growth has come off a bit due to second wave lockdown in Europe, management remains confident of a robust FY22 driven by planned capex.
De-bottlenecking of units, backward integration, efficient technologies (implementation of greener chemistry) led to gross margin expansion at 69%, although management indicated nine months gross margin of 66-67% is sustainable as raw material costs of few key starting materials have risen.
Further, management is also confident of Ebitda margin expansion on a YoY basis despite incremental costs from newly commissioned capacities.
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