Divi’s Laboratories’ This autumn benefit jumps 67.6% to Rs 538 crore, beats estimates – Business Information

Pharma company Divi’s Laboratories recorded fiscal fourth quarter profit at Rs 538 crore, up 67.6 per cent in comparison to Rs 321 crore during the corresponding quarter of previous financial year, surpassing estimates. It posted revenue from operations at Rs 2303 crore, up 18 per cent as against Rs 1951 crore during the fourth quarter of FY23. According to a CNBC TV18 poll, Divi’s Laboratories was expected to record Q4 revenue at Rs 2090.2 crore and profit was estimated at Rs 465 crore.

While the company posted a total income of Rs 2382 crore during the quarter ended March 31, 2024, Divi’s Laboratories incurred an expense of Rs 1669 crore during the quarter in review. 

The company recommended a final dividend of Rs 30 (i.e. 1500 per cent) per equity share of face value Rs 2 each for the financial year 2023-24, subject to approval of the members at the ensuing 34th Annual General Meeting (AGM). “The dividend shall be paid within specified timelines from the conclusion of the AGM. The 34th AGM of the members of the company will be held on Monday, August 12, 2024. The record date for the purpose of the payment of dividend is August 02, 2024,” the company said in a regulatory filing. 

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The board of directors approved the appointment of Dr Rajendra Kumar Premchand as an additional director designated as independent director of the company, for a term of 5 years commencing from May 25, 2024.

The board also approved the re-appointment of Dr Murali K Divi as managing director for a further period of 5 years, on expiry of his present term of office, i.e. with effect from October 10, 2024 and payment of remuneration.

Further, NV Ramana’s re-appointment was also approved as executive director of the company for a further period of 5 years, on expiry of his present term of office, i.e., with effect from December 26, 2024. KV Chowdary was also re-appointed as an independent director for a second term of 5 years, on expiry of his present term of office, i.e. with effect from January 04, 2025.