Revenues and margins outperform: Divis Labs Net revenues increased by 44.4% YoY to Rs 12.9 bn, which ishigher than our estimates of Rs 10.2 bn for the quarter. The Operatingmargins were at 40% in Q2FY19 (much higher than our estimate of 34.7%) asagainst 31% in Q2FY18 on account of better gross margin and lowerexpenditure.