Divi's Lab Q4 Review - Strong Growth Outlook Backed By Execution: ICICI Direct
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ICICI Direct Report
Divi's Laboratories Ltd. Q4 revenues grew 28.7% YoY to Rs 1,788 crore (our estimate: Rs 1,743 crore).
Generic segment grew 24.8% YoY to Rs 917 crore. Custom synthesis grew 25.5% YoY to Rs 715 crore.
Carotenoids grew 83.5% YoY to Rs 156 crore.
Ebitda margins expanded 807 basis points YoY to 40.1% (our estimates: 39.0%) due to better gross margin performance (up 458 bps YoY to 67.5%) and lower other expenditure.
Ebitda grew 61.2% YoY to Rs 716 crore (our estimate: Rs 680 crore).
Profit after tax grew 29.3% YoY to Rs 502 crore (our estimate: Rs 472 crore) in-line with strong operational performance.
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