India's Divi's Labs beats Q3 profit estimates on strong API demand; shares rise
India's Divi's Laboratories reported a better-than-expected quarterly profit on Monday, aided by strong performance of its business that focuses on customised production of chemical compounds used in drugs, sending its shares higher. The company's consolidated net profit jumped 64.5% to 5.89 billion rupees ($67.6 million) in the third quarter, slightly above analysts' estimates of 5.13 billion rupees, as per LSEG data. Divi's is one of India's largest manufacturers of active pharmaceutical ingredients (API), key components of a drug that produce the intended therapeutic effects.