Divi's Labs Q1 net dips 41.50 per cent at Rs 177 crore

NEW DELHI: Drug firm Divi's Laboratories today reported 41.50 per cent dip in standalone net profit at Rs 176.54 crore for the first quarter ended June 30, impacted by USFDA alert for a unit at its Visakhapatnam facility.

The company had posted a net profit of Rs 301.81 crore for the corresponding period of previous fiscal, Divi's Labs said in a filing to BSE.

Standalone total revenue from operations stood at Rs 850.88 crore for the quarter under review. It was Rs 1,033.50 crore for the same period a year ago.

"Revenue for the quarter has been impacted due to time required for setting up protocols and procedures for release of export shipments as stipulated in the Import Alert by USFDA," Divi's Labs said.

Shipments for the exempted products are being done as per the protocols, it added.

The United States Food and Drug Administration (USFDA) had issued an import alert in March 2017 and a warning letter in May for unit II of company's Visakhapatnam facility, it said.

The regulator had also exempted several products from the import alert, it added.

"The company has committed to working closely with USFDA towards compliance of cGMP regulations", Divi's Labs said.