Natco Pharma net profit rises 31.2 percent to Rs 420.3 crore in Q1

Written by Ruchika Sharma Published On 2023-08-10T12:30:31+05:30 | Updated On 10 Aug 2023 12:59 PM IST

New Delhi: Natco Pharma Ltd has reported a 31.2 per cent rise in consolidated net profit at Rs 420.3 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated net profit of Rs 320.4 crore in the same period last fiscal, Natco Pharma said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 1,140.5 crore as against Rs 884.6 crore in the year-ago period, it added.

Total expenses were higher at Rs 660.2 crore as compared to Rs 533.1 crore a year ago.

The major drivers of business during the June quarter were formulation exports, strong growth in domestic business of both pharma and agro, and steady sales from subsidiaries, the company said.

Exports of formulations clocked Rs 884.2 crore in the April-June quarter from Rs 736.9 crore a year ago, while domestic formulations registered Rs 132.4 crore, up from Rs 88.5 crore last year, it added.

The active pharmaceutical ingredients segment posted Rs 75.1 crore, up from Rs 50.8 crore in the year-ago period.

The company said it had made a provision of Rs 51 crore towards pending patent infringement litigation cases for its products in India and also incurred about Rs 17 crore towards special incentives to employees.

The board of directors has declared an interim dividend of Rs 7 per equity share of Rs 2 each for FY24, it added

Natco Pharma Limited is a vertically integrated and R&D focused pharmaceutical company engaged in developing, manufacturing and marketing of finished dosage formulations (“FDF”) and active pharmaceutical ingredients (“APIs”). The company's focus is primarily on niche therapeutic areas and complex products. It markets and distributes products in over 40 countries. It sells FDF products in the United States, India, Europe and the rest of the world (“RoW”). Natco also operates in certain key geographies through its subsidiaries.

Natco Pharma is also engaged in contract manufacturing business, whereby it undertakes selected contracts with pharmaceutical companies to manufacture and supply pharmaceutical products.

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Source : with inputs

Ruchika Sharma