DIVISLAB · Healthcare
Divi's Laboratories Ltd. reported revenue of ₹2,585 cr for January to March 2025, +12.2% on the year and +11.5% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹9,360 cr, +19.3% on the four before.
Operating profit (EBITDA) was ₹886 cr, a margin of 34.3%, +253 bps on the year and +223 bps on the quarter. It is the widest margin of the last 8 quarters (range 25.1% to 34.3%). Operating costs grew +8.1% against revenue growth of +12.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹662 cr, +23.0% on the year and +12.4% on the quarter, with earnings per share of ₹24.94. Profit before other income, one-offs and tax grew 22.7%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹2,191 cr, +36.9% on the four before.
On earnings per share of ₹82.54 over the last four quarters, the stock at ₹9,124.00 trades at 110.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,909 cr | ₹1,855 cr | ₹2,303 cr | ₹2,118 cr | ₹2,338 cr | ₹2,319 cr | ₹2,585 cr | ₹2,410 cr | ₹2,715 cr | ₹2,604 cr | ₹2,831 cr | ₹3,080 cr |
| YoY | — | — | — | +19% | +22% | +25% | +12% | +14% | +16% | +12% | +10% | +28% |
| EBITDA margin | 25.1% | 26.4% | 31.7% | 29.4% | 30.6% | 32.0% | 34.3% | 30.2% | 32.7% | 34.2% | 33.0% | 40.7% |
| Other income, % of PBT | 18% | 19% | 11% | 13% | 15% | 11% | 10% | 16% | 16% | 2% | 16% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 27% | 25% | 29% | 29% | 19% | 23% | 26% | 24% | 25% | 22% | 24% |
| Net profit | ₹348 cr | ₹358 cr | ₹538 cr | ₹430 cr | ₹510 cr | ₹589 cr | ₹662 cr | ₹545 cr | ₹689 cr | ₹583 cr | ₹751 cr | ₹902 cr |
| YoY | — | — | — | +21% | +47% | +65% | +23% | +27% | +35% | −1% | +13% | +66% |
| Core profit YoY | — | — | — | +28% | +61% | +63% | +23% | +17% | +25% | +19% | +4% | +82% |
| EPS | ₹13.11 | ₹13.49 | ₹20.27 | ₹16.20 | ₹19.21 | ₹22.19 | ₹24.94 | ₹20.53 | ₹25.95 | ₹21.96 | ₹28.29 | ₹33.98 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Divi's Laboratories Ltd. reported revenue of ₹2,585 cr (+12.2% on the year) and net profit of ₹662 cr (+23.0% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +22.7% on the year, against +23.0% for reported profit.
None of the 7 checks that could run raised a question.
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