Natco Pharma net jumps to ₹320 crore

HYDERABAD

Natco Pharma has posted a consolidated net profit of ₹320 crore for the quarter ended June, a manifold increase from ₹75 crore in the year earlier period.

The net profit came as the total revenue rose 115% to ₹918.9 crore (₹427.3 crore). Export sales of Lenalidomide product, which is indicated in the treatment of certain cancer, to the U.S. was a major contributor to the revenue and profitability during the quarter. Pharma domestic formulations business remained steady, the company said.

A sharp rise in formulation exports to ₹736.9 crore (₹145.4 crore) boosted the revenue even as contribution of API at ₹50.8 crore (₹61.6 crore) and formulations (domestic market) at ₹88.5 crore (₹200.6 crore) declined.

On the expense side, there was a one-time cost associated with retirement schemes and higher than usual research and development costs for product development, it said.

The company has declared an interim dividend of ₹3.50 per equity share (of ₹2 each) for 2022-23. The record date is fixed as August 22 and the interim dividend will be paid from August 30.