Divi's Laboratories Limited has posted a net profit of Rs 268.32 crore for the third quarter ended December 31, 2016 as against a profit of Rs 246.76 crore for the corresponding quarter last year.
The Hyderabad-based pharma company logged in total income of Rs 976.48 crore for the third quarter as against Rs 859.75 crore for the corresponding quarter last fiscal.
For the nine months ended December 31, 2016, the company recorded a net profit of Rs 792 crore as against Rs 786 crore same period last year. The total income for nine months was up at Rs 2999 crore as against Rs 2646 crore for the corresponding nine months.
Results for the current nine month period includes the one time ex-gratia of Rs 79 crore paid to employees and whole-time directors of the company on the occasion of completion of 25 years of company formation.
CAPITALISES ASSETS FOR NEW CAPACITY
During nine months period, the company has capitalised assets of Rs 180 crore for creation of additional capacities at the existing manufacturing sites. As at the end of the period, an amount of Rs 400 crore is carried forward as capital expenditure.
The company stated it has filed its comprehensive response to the observations of the US-FDA following inspection of its Unit II at Visakhapatnam during November 29, 2016 to December 6, 2016. The response include commitment of management to eliminate deficiencies observed and to establish an enhanced culture of compliance across manufacturing facilities.
The company has engaged external consultants and experts for regulatory compliance. The company is awaiting FDA response.