Divis Labs falls 14%, sinks to 30-month low after a disappointing Q3

Consolidated revenue at Rs 1,708 crore was 31.5 percent lower from the year-ago period. The sequential decline in topline was 8 percent

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Divis Laboratories‘ share price plunged below Rs 3,000 on February 3, falling more than 13 percent after a significant deterioration in quarterly earnings.

At 2.35 pm, the stock was trading at Rs 2,803 on the NSE, the lowest level since August 7, 2020.

The active pharmaceutical ingredients manufacturer recorded a consolidated profit of Rs 306.8 crore in the December quarter of FY23, falling 66 percent on-year and 38 percent sequentially, impacted by lower topline as well as disappointing operating performance.

Consolidated revenue from operations at Rs 1,708 crore was down 31.5 percent compared to the year-ago period, Divis Labs said in an exchange filing. The sequential decline in topline was 8 percent.