Divi's Labs cracks 6% after disappointing Q1 numbers

NEW DELHI: Shares of Divi's Laboratories plunged nearly 6 per cent in Monday’s trade after the drugmaker said its June quarter net profit tumbled 41.50 per cent YoY to Rs 176.54 crore, hurt by USFDA alert for a unit at its Visakhapatnam facility.

The pharma major had posted a net profit of Rs 301.81 crore in the corresponding quarter of last year.

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Following the results, the stock dropped 5.61 per cent to hit a low of Rs 680.35 on BSE.

The company said its total revenue from operations stood at Rs 850.88 crore for the quarter under review, compared with Rs 1,033 crore in the year-ago quarter.

"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," the company said.