Divi's Lab Q4 Review - Strong Growth Outlook Backed By Execution: ICICI Direct

A technician checks capsules leaving the Encapsulation machine.  (Photographer: John Cogill/Bloomberg).

Divi's Lab Q4 Review - Strong Growth Outlook Backed By Execution: ICICI Direct

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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.

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.

Click on the attachment to read the full report:

ICICI Direct Divis Lab Q4FY21 Result Update.pdf

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