Companies

Divis Labs’ Q4 net profit down 19.5% at Rs 259 cr

G Naga Sridhar Hyderabad | Updated on January 12, 2018 Published on May 27, 2017

divis

The board of directors of the company had recommended dividend at 500 per cent

Divis Laboratories Ltd's standalone net profit declined 19.5 per cent at Rs 259 crore in the fourth quarter ended March 31, 2017 compared to Rs 322 crore in the corresponding quarter of the previous financial year.

The total revenue too declined 5 per cent at Rs 1,088 crore as against Rs 1,121 crore in the same period last year.

On a consolidated basis, the net profit for the financial year year ended March 2017 came down by 5.8 per cent at Rs 1,060 crore as against Rs 1,126 crore.

The total revenue of the Hyderabad-based company, however, increased to Rs 4,181 crore (Rs 3,902 crore).

During the year under review, the company had a forex loss of Rs 40 crore. In the previous year, it posted a forex gain of Rs 37 crore, according to a release.

The board of directors of the company had recommended dividend at 500 per cent - Rs 10 per equity share of face value Rs 2 each for the year ended March 31, 2017.

On the ongoing issue of warning letter from the US Food and Drug Administration (USFDA), it said, “The company has engaged consultants and subject experts for advising on the deviations observed and remediation measures and to fully with cGMP requirements.”

Divis had earlier received a warning letter from the USFDA on its Unit II at Visakhapatnam subsequent to issue of an import alert and its inspection of the facility in 2016. Since then, the US regulator had also exempted several products from the import alert.

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Published on May 27, 2017
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