Divis Laboratories FY14 net profit up 28% on higher exports
Moneylife Digital Team 26 May 2014
For FY14, Divis Laboratories reported higher net profit to Rs773 crore on higher exports to North America and Europe
Divis Laboratories, an active pharmaceutical ingredients (APIs) and inetermediates manufacturer, posted higher full year net profit due to robust sales growth and exports.
For the 12 month to end-March, Divis Laboratories said its consolidated net profit increased 28% to Rs773 crore from Rs602 crore, its total revenues grew 18% to Rs2,532 crore from Rs2,145 crore a year ago period.
“Exports constituted 90% of sales and about 76% to advanced markets in North America and Europe,” said the company in its regulatory filing.
During FY14, Divis Laboratories has made foreign exchange (forex) gain of Rs37.12 crore from Rs11.45 crore a year ago period.
Divis Laboratories said, “It has capitalised fixed assets worth Rs409 crore. An amount of Rs144 crore is carried forward as Capital WIP for the capital works under execution.”
In its quarter to end-March Divis Laboratories said its consolidated net profit increased 8.29% to Rs196 crore from Rs181 crore, its total sales grew 13.98% to Rs750 crore from Rs658 crore a year ago period.
During FY14, FIIs shareholding in the company grew to 18.20% from 14.01% a year ago. While domestic institutional investors (DIIs) shareholding fell to 12.08% from 13.31%, public shareholding fell to 17.64% from 20.53%. However, promoter shareholding reduced marginally to 52.08%.
Divis Laboratories declared final dividend of Rs20 per share.
At 12.57 pm Monday, Divis Laboratories was trading 4.10% down at Rs1,240 on the BSE, while the S&P BSE Sensex was 1.61% up at 25,089.
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