Preview: India's Divi's Laboratories hits over 2-yr low ahead of Q3 results

Laurus Labs

03/02/2023 04:41

** Shares of Indian pharmaceutical company Divi's
Laboratories Ltd  DIVI.NS  fall as much as 4.7% to 3,115.05
rupees, lowest level since November 2020, ahead of its Dec-qtr
results
    ** Co's net income is expected to fall ~43% YoY to 5.10 bln
rupees ($62.07 million) for the qtr, according to Refinitiv IBES
data
    ** Analysts at Jefferies expect DIVI's earnings to be muted
in near term due to lack of growth drivers
    ** Strength of growth in FY24 also remains uncertain -
Jefferies
    ** Six of the 22 analysts covering the stock have a "buy" or
"strong buy" rating, seven suggest "hold", while nine rate it at
"sell" or "strong sell"; median PT is 3,375 rupees - Refinitiv
data
    ** DIVI fell ~27% in 2022
($1 = 82.1675 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))