Divis Labs Total revenues are up by 14.8% YoY to Rs7.9 bn against our expectation of Rs8.3 bn during the quarter. Operating margins were at 36.3% lower than our estimate of 39.3% due to higher raw material, staff and other cost. Net Profit was up by 0.7% to Rs2,206 mn ( lower than our estimates of Rs2,420 mn)