Divi's Lab Total revenues are up by 25.8% YoY to Rs 8.1 bn higher than our expectation of Rs 7.7 bn for the quarter. Operating margins stood at 37.1% lower than our estimate of 39.1% on account of lower gross margins due to product mix. Net Profit was up by 44.8% YoY to Rs 2,432 mn (higher than our estimates of Rs 2,123 mn) aided by higher other income and lower depreciation.