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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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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