Divi`s Laboratories Limited

BSE

DIVISLAB

Stock

Yield per half year: +8.91%
Dividend yield: 0.6096%
Sector: Healthcare

Reporting Divi`s Laboratories Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹						746.3	905.83		970.26	826.07	10.17
Revenue, bln ₹			48.04	52.91	68.58	87.99	77.68	77.96	77.96	73.02	8.06
Net profit, bln ₹	10.6	8.77	13.53	13.77	19.84	29.6	18.23	16	16	19.49	3.05
EV, bln ₹			453.07			712.92	872.46		928.95	679.48	24.41
EBIT, bln ₹	13.66	11.28	17.09	16.39	26.15	35.73	20.26		20.26	23.12	3.46
EBITDA, bln ₹			20.26	20.11	29.22	39.95	27.12		27.12	27.33	6.01
OIBDA ₹				22.76	35.54	46.09	29.14			33.38	6.37
Book value, bln ₹			69.57	73.1	92.95	117.28	127.67	135.71	135.71	109.34	13.17
FCF, bln ₹			2.21	0.3273	10.37	11.99	19.87	2.58	2.58	9.03	51.12
Operating Cash Flow, bln ₹	11.5	7.76	9.54	12.16	19.47	19.12	24.6	12.61	12.61	17.59	0.73
Operating profit, bln ₹			17.1	16.41	26.16	35.74	20.25	18.32	18.32	23.38	2.23
Operating expenses, bln ₹			30.94	36.5	42.42	52.25	57.43	59.64	59.64	49.65	10.32
CAPEX, bln ₹	3.77	2.74	7.33	11.83	9.1	7.13	4.73	10.03	10.03	8.56	-3.25

	2019Q3	2019Q4	2020Q1	2020Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Revenue, bln ₹									18.55	17.08	19.51	17.78	19.09	18.55	22.54	21.18	23.38	23.19	21.77	4.57
Net profit, bln ₹									4.94	3.07	3.21	3.56	3.48	3.58	5.31	4.3	5.1	5.89	4.84	10.47
EBIT, bln ₹	4.45	4.47	3.98	6.44					5.35	3.22	4.06								4.61	0.40
EBITDA, bln ₹					8.37	11.14	11.56	9.35	7.01	5.23	5.54	5.85							6.60	-8.95
Book value, bln ₹					99.29		117.28		121.35		127.67		126.77		135.71		137.17		129.73	2.48
Operating profit, bln ₹									5.35	3.22	4.05	4.11	3.84	3.94	6.43	8.76	6.17	6.44	6.35	10.33
Operating expenses, bln ₹									13.19	13.86	15.46	13.67	15.25	14.61	16.11	12.42	17.21	16.75	15.42	2.77

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹			0.13	0.4315	20.3	12.15	1.7	3.63	3.63	7.64	53.10
Short-Term Investments ₹			13.98	9.82	0.5464	15.27	40.49	33.38	33.38	19.90	27.72
Accounts Receivable ₹	9.39	11.33	12.96	14.13	16.77	24.24	17.93	21.56	21.56	18.93	8.82
Total Current Assets ₹	40.11	45.35	46.5	46.8	61.75	83.52	93.12	96.75	96.75	76.39	15.63
Net assets, bln ₹	20	21.09	25.76	36.98	44.1	47.87	93.12		83.52	49.57	29.31
Assets, bln ₹			80.38	85.36	107.74	133.75	144.39	154.7	154.7	125.19	12.63
Short-Term Debt ₹			1.06	0.3363	0.0035					0.4666	-85.11
Liabilities, bln ₹			10.81	12.26	14.79	16.47	16.72	18.99	18.99	15.85	9.15
Net debt, bln ₹			0.926							0.9260	0.00
Debt, bln ₹				0.3363	0.0035				0.0326	0.1699	-89.80
Interest Income ₹			0.0748	0.0666	0.5724	0.6896	2.05			0.6907	93.90
Interest Expense, bln ₹			0.0212	0.0554	0.0039	0.0037	0.0067	0.03	0.03	0.0199	-11.55
Net interest income, bln ₹			0.028	-0.0048	0.5514	0.6696	-0.0067	3.01	2.05	0.8439	-462.63
Cost of production, bln ₹			18.25	21.09	23.24	29.67	30.54	32.69	32.69	27.45	9.16
Inventory ₹	13.2	13.51	17.72	18.64	21.45	28.29	30	31.84	31.84	26.04	11.30

	2019Q3	2020Q1	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln ₹			17.63		12.15		2.5		1.7		0.35		3.63		0.38		1.71	-31.39
Short-Term Investments ₹			1.25		15.27		30.91		40.49		35.81		33.38		35.7		35.26	2.92
Accounts Receivable ₹	12.07	15.99	18.52		24.24		18.4		19.34		18.58		21.56		21.81		19.94	3.46
Total Current Assets ₹	40.13	46.8	66.8		83.52		84.3		93.12		88.82		96.75		93.41		91.28	2.07
Net assets, bln ₹	31.37	36.98	66.8		83.52		48.66		93.12								65.82	20.29
Assets, bln ₹			114.39		133.75		135.18		144.39		142.83		154.7		155.86		146.59	2.89
Short-Term Debt ₹			0.0007				0.0001				0.02				0.05		0.0177	190.72
Liabilities, bln ₹			15.1		16.47		13.84		16.72		16.06		18.99		18.69		16.86	6.19
Interest Expense, bln ₹			0.0021	0.0023	0.0035	0.0013	0.0017	0.0013	0.0024		0.01		0.02		0.01		0.0087	50.39
Net interest income, bln ₹			-0.0021	-0.0023	0.6768	-0.0013	-0.0017	-0.0013	-0.0024		-0.01						-0.0033	50.39
Cost of production, bln ₹							6.75	7.4	8.28	6.88	8.1	7.29	10.42	8.53	9.69	9.22	9.03	4.81
Inventory ₹	19.1	18.64	26.76		28.29		29.7		30		29.69		31.84		31.45		30.54	1.15

Share

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	6.8	7.4	16.88			50.96	51.85	74.75	111.52	68.69	60.27		60.27	73.42	3.06
Share price				1098.2	1482.2	1846.1	3842.45	4678.1	3412.6	3901.75	6099.75	6670.3	6670.3	4952.50	7.35
Number of shares, mln						265.47	265	265	265.47	265.47	265.47		265.47	265.28	0.04
FCF/share						8.33	1.23	39.05	45.15	74.84	9.72		9.72	34.00	51.20

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS	33.7	26.44	18.59	11.56	12.09	13.41	13.11	13.5	20	19.21			15.85	7.45
Share price	4334.43	4011.23	3694.68	3463.66	3029.3	3343.19	3696.48	3642.31			5839.45	6670.3	4638.35	14.81

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	19.44	18.83	21.35	28.16	14.89	12.15		12.15	-10.48	19.08	-8.39
ROA, %	16.83	16.13	18.42	24.52	13.11	10.7		10.7	-0.93	16.58	-7.88
ROS, %	28.16	26.02	28.93	33.64	23.47	20.52	20.52	20.52	-86.65	25.42	-6.64
ROCE, %	24.56	22.42	28.13	29.33	15.19		14.93	14.93	-23.18	22.00	-7.81
EBIT margin		30.98	38.13	40.6	26.08		25.99	25.99	-43.28	32.36	-3.45
EBITDA margin	42.18	38.01	42.61	45.41	34.92		34.79	34.79	-32.02	39.15	-1.75
Net margin	28.16	26.02	28.93	33.64	23.47	20.52		20.52	-86.65	26.52	-4.64
Operational efficiency, %	35.59	31.01	38.14	40.61	26.07	23.5	23.5	23.5	-90.90	30.36	-9.23

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	6.11		7.63		4.07		3.3		3.36		4.94		4.45				-10.48	4.02	1.80
ROA, %	5.3		6.69		3.65		4.45		2.42		3.57		3.28				-0.93	3.47	-2.11
ROS, %							16.45	20.02	18.23	19.3	23.56	20.3	21.81	25.4	20.52	20.52	-86.65	21.71	0.22
ROCE, %					4.41		3.2								14.93	14.93	-23.18	9.37	35.65
EBIT margin															25.99	25.99	-43.28	25.99	0.00
EBITDA margin	42.12	44.67	49.04	41.48	37.81	30.6	28.39	32.9							34.79	34.79	-32.02	32.29	2.60
Net margin					26.62	17.97	16.45	20.02	18.23	19.3	23.56	20.3	21.81	25.4			-86.65	22.07	5.65
Operational efficiency, %							20.75	23.12	20.12	21.24	28.53	41.36	26.39	27.77	23.5	23.5	-90.90	28.50	-10.69

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	33.42	36.65	48.37	39.27	41.14	56.9		56.9	43.37	44.47	9.20
P/BV	6.5	6.9	10.33	9.91	5.88	6.71		6.71	24.61	7.95	-0.56
P/S	9.41	9.54	13.99	13.21	9.66	11.68		11.68	39.07	11.62	4.13
P/FCF					48.83	376.07	376.07	376.07	-113.38	266.99	97.48
E/P					0.0188	0.0165	0.0165	0.0165	0.01	0.0173	-4.26
EV/EBIT						45.85	45.85	45.85	21.75	45.85	0.00
EV/EBITDA	22.36			21.51	22.33			34.25	9.94	22.07	-0.04
EV/S					11.96	11.92	11.92	11.92	38.64	11.93	-0.11
EV/FCF						360.06	360.06	360.06	-193.38	360.06	0.00
Debt/EBITDA					0.0012	0.0012	0.0012	0.0012	0.19	0.0012	0.00
Netdebt/Ebitda	0.0457				0	0	0	0	-0.02	0.0457	0.00
Debt/Ratio					0.000226	0.000211	0.000211	0.000211	0.04	0.0002	-2.26
Debt/Equity					0.00039	0.00039	0.1399	0.1399	0.83	0.0469	610.53
Debt/Net Income					0.0018	0.002	0.002	0.002	0.24	0.0019	3.57
PEG							2.18	2.18	4.30	2.18	0.00
Beta				0	0.6011	-2.8	1.72	1.72	3.76	-0.1596	41.97
Altman Index				0	9.24	8.61	8.6	8.6	9.12	8.82	-2.36

	2021Q3	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	211.46	129.96	70.46	92.09	148.02	75.86	84.55				43.37	94.20	3.71
P/BV	12.92	9.91	8.06	5.88	7.81	6.71	10.54				24.61	7.80	5.51
P/S	64.52	49.31	23.22	19.71	25.65	14.89	17.11				39.07	20.12	-5.92
P/FCF									376.07	376.07	-113.38	376.07	0.00
E/P									0.0165	0.0165	0.01	0.0165	0.00
EV/EBIT									45.85	45.85	21.75	45.85	0.00
EV/S									11.92	11.92	38.64	11.92	0.00
EV/FCF									360.06	360.06	-193.38	360.06	0.00
Debt/EBITDA									0.0012	0.0012	0.19	0.0012	0.00
Debt/Ratio									0.000211	0.000211	0.04	0.0002	0.00
Debt/Equity									0.1399	0.1399	0.83	0.1399	0.00
Debt/Net Income									0.002	0.002	0.24	0.0020	0.00
PEG									2.18	2.18	4.30	2.18	0.00
Beta								0.8774	1.33	1.72	3.76	1.31	25.15
Altman Index								8.6	8.6	8.6	9.12	8.60	0.00

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln		3.19	3.19	2.65	8.5	5.31	7.96	7.96			7.96		6.48	24.60
Dividend	1	1	1	16	16	2	30	30	30		30		21.60	13.40
Dividend yield, %	0.8838	1.3	0.8327	0.9692	0.6052	0.4589	0.5114	0.8244	0.6096		0.6096	0.46	0.6019	0.14
Dividends / profit, %		30.11	36.4	19.62	61.71	26.76	17.93	43.68	49.75		49.75	20.62	39.97	-4.22
Dividend coverage ratio										2.01	2.01	5.55	2.01	0.00

	2014Q3	2015Q3	2016Q1	2017Q3	2018Q3	2019Q3	2020Q1	2021Q3	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	2	2	1	1	1	16	16	2	3	3				8.00	-28.45
Dividend yield, %	1.28	0.9988	0.9652	1.37	0.831	0.9908	0.8049	0.4079	0.812	0.8116			0.46	0.7654	-3.91
Dividend coverage ratio											2.01	2.01	5.55	2.01	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	22.36	13.27	8.11	6.09	12.87	12.87	-10.46
Total Debt	9.27	11.12					9.52
Staff, people				8 433	8 433		0.00

	CAGR 5

	CAGR 5