Divi's Laboratories report 9% rise in net profit in Q3

Updating on US-FDA inspection, Divi's Lab said, "It has filed its comprehensive response to the observations of the FDA regulator within the stipulated time. Now it awaits for review from the US pharma regulator.

During the nine month period, Divi's Lab has capitalized assets of Rs 180 crore for creation of additional capacities at the existing manufacturing sites. Photo: Official Website

Divi's Laboratories on Saturday reported standalone net profit of Rs 268.32 crore for its third quarter ended December 31, 2016, registering a growth of 8.73% from Rs 246.76 crore in the corresponding period of the previous year.

Total income from operations stood at Rs 976.48 crore, which was up by 13.57% year-on-year (YoY) but down by 2.87% quarter-on-quarter (QoQ) basis.

During the nine month period, Divi's Lab has capitalized assets of Rs 180 crore for creation of additional capacities at the existing manufacturing sites.

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Till end of period, an amount of Rs 400 crore is carried forward as capital expenditure in progress.

Updating on US-FDA inspection, Divi's Lab said, "It has filed its comprehensive response to the observations of the FDA regulator within the stipulated time. Now it awaits for review from the US pharma regulator.

Divi's Lab had an inspection in one of its unit by the US-FDA from November 29, 2016 - December 06, 2016. It had received Form-483 with observation at the closure of the inspection."

For the current quarter, forex gain amounted to Rs 0.65 crore, compared to the gains of Rs 3 crore a year ago same period.

On Friday shares of Divi's Lab closed at Rs 759.80 per share on BSE, surging over Rs 21.90 or 2.97%.

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