Divi's Lab hits record high after Q2 result
Published On: Monday, November 9, 2020 | By: Team KnowMyStock
Shares of The Hyderabad-based company Divi's Laboratories hit a record high of Rs 3,463, up 7 per cent on the BSE on Monday after the company reported a strong 45.6 per cent year-on-year (YoY) jump in its net profit at Rs 520 crore mainly on account of robust sales. It had reported a profit of Rs 356.78 crore for the corresponding quarter last year. The company reported a 21% year-on-year rise in revenue at Rs 1,749.3 crore in the quarter ended September, according to an exchange filing. Consolidated total income of the company stood at Rs 1,762.94 crore for the quarter under consideration. It was Rs 1,492.60 crore for the same period a year ago, it added. For the current quarter, Divi’s Labs witnessed a forex loss of Rs 16 crore against a gain of Rs 13 crore. Global research firm Jefferies has upgraded the stock to buy and has raised the target to Rs 3,772 from Rs 3,159 per share.
We have capitalised assets of Rs 615 crore during the quarter and the total capitalisation done during the half-year amounted to Rs 830 crore. We expect to complete the ongoing capex programs by end of the financial year. The company is taking up a new capex for an aggregate amount of Rs 400 crore for meeting new business opportunities in the custom synthesis projects and needed to be completed on fast track,” Divi’s Laboratories said.
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