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Dolat Capital Report
Divi' s Laboratories Ltd. reported an in-line operating performance in Q2 aided by Molnupiravir sales.
Healthy gross margins at 67% (backward integration coupled with better process technology reduces dependency) and better product mix (generic and custom synthesis contributed 46% and 54% respectively) aided margins at 41%.
Adjusting for forex gain of Rs 71 million, profit after tax came in at Rs 6.1 billion in line with our estimates.
Divi’s Labs reiterated its six key growth engines that would continue to drive 10-15% revenue growth in the medium term with sustained margins.
Capex for the current growth drivers is already in the last stage and progressing well.
Key point to note is that management remains confident on future of generic active pharma ingredients and believes that end-to-end integration coupled with better process technology are its key success levers.
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