Pharma firm Divi’s Laboratories on Saturday said the brownfield projects under way at its facilities in Visakhapatnam and near Hyderabad were likely to be completed next year.
Entailing an investment of ₹600 crore each, the two projects had been conceived in the backdrop of increasing opportunities in generic and big pharma business. “Work has commenced and the projects are expected to be completed by end of the year 2019 barring unforeseen circumstances,” the company said in a release. The investment in the project at its Unit-2 in Visakhapatnam, named DCV SEZ Unit, has been revised from ₹400 to ₹600 crore, the company said.
The other brownfield project was coming up on available land at Divi’s Unit-1 in Bhuvangiri-Yadadri district of Telangana. Debottlenecking programmes have also been initiated at both units, with a total investment of ₹300 crore, which would also fetch additional capacities for existing products.
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Net rises 92%
On the standalone results for the second quarter of this fiscal, the company said it had posted a net profit of ₹397.65 crore. Compared to the year earlier’s ₹206.78 crore, this was an increase of over 92%.
Total revenue from operations was 47.76% higher at ₹1,365.05 crore (₹923.79 crore).
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