For
the quarter ending June 2023, consolidated Net sales (including other operating income) of Divis Laboratories has declined 21.15% to Rs 1778 crore compared to quarter ended June 2022. Operating profit margin has declined from 37.65% to 28.35%, leading to 40.64% decline in operating profit to Rs 504.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 34.95% to 43.20%. Employee cost increased from 11.05% to 13.65%. Other expenses rose from 15.68% to 16.88%. Other income fell 7.95% to Rs 81 crore. PBIDT fell 37.57% to Rs 585 crore. Provision for interest remained nil.
PBDT fell 37.57% to Rs 585 crore. Provision for depreciation rose 9.41% to Rs 93 crore.
Profit before tax down 42.25% to Rs 492.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 136 crore, compared to Rs 150 crore. Effective tax rate was 27.64% compared to 17.61%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 49.29% to Rs 356.00 crore. Promoters’ stake was 51.93% as of 30 June 2023 ,compared to 51.94% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Divis Laboratories has declined 13.31% to Rs 7767 crore. Operating profit margin has declined from 43.33% to 30.49%, leading to 39% decline in operating profit to Rs 2,368.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.66% to 38.84%. Purchase of finished goods cost rose from 0.15% to 0.28%. Employee cost increased from 9.98% to 12.59%. Other expenses rose from 12.28% to 17.70%. Other income rose 202.98% to Rs 345 crore. PBIDT fell 32.10% to Rs 2713 crore. Provision for interest rose 25% to Rs 1 crore. Loan funds declined from Rs 3.69 crore as of 31 March 2022 to Rs 3.26 crore as of 31 March 2023. Inventories rose to Rs 3,000.41 crore as of 31 March 2023 from Rs 2,828.62 crore as of 31 March 2022. Sundry debtors were lower at Rs 1,792.53 crore as of 31 March 2023 compared to Rs 2,423.88 crore as of 31 March 2022. Cash and bank balance rose to Rs 4,213.09 crore as of 31 March 2023 from Rs 2,818.88 crore as of 31 March 2022. Investments rose to Rs 77.05 crore as of 31 March 2023 from Rs 72.01 crore as of 31 March 2022 .
PBDT fell 32.12% to Rs 2712 crore. Provision for depreciation rose 10.11% to Rs 343 crore. Fixed assets increased to Rs 4,929.20 crore as of 31 March 2023 from Rs 4,787.49 crore as of 31 March 2022. Intangible assets declined from Rs 7.49 crore to Rs 5.28 crore.
Profit before tax down 35.69% to Rs 2,369.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 545 crore, compared to Rs 723.05 crore. Effective tax rate was 23.01% compared to 19.63%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 38.39% to Rs 1,824.00 crore.
Equity capital stood at Rs 53.09 crore as of 31 March 2023 to Rs 53.09 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 51.94% as of 31 March 2023 ,compared to 51.94% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 2,459.73 crore for year ended March 2023 from Rs 1,911.80 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 473.02 crore, compared to Rs 713.20 crore during the year ended March 2022.
Other highlights
In Q1 FY24, company had a forex gain of Rs
3 crore as against a gain of Rs 56 crore during the corresponding quarter of
last year.