Cyclone Michaung: Natco Pharma's Chennai factory shut temporarily

There is no material impact on the financial position or sales of the company,

Natco Pharma's Chennai facility has been temporarily closed due to severe water logging because of the cyclone Michaung, the company said in an exchange filing on December 7.

"The operations at the Company's factory located at Manali
Industrial Area, Chennai, Tamil Nadu have been temporarily disrupted due to cyclone with flooding / water logging of the factory premises. After following the required step process & safety measures, the factory operations have been shut down temporarily," the company said.

Also Read | Kothari Petrochem opens flat as Cyclone Michaung disrupts Chennai plant operations

Necessary steps are being taken to drain out the water and after careful evaluation and following all the regulatory procedures, the operations would be commenced at the earliest, the company further said.

There is no material impact on the financial position or
sales of the company, it further noted.

Also Read | Natco Pharma, others sued in US for generic cancer drug

The company further said that the site manufactures Active Pharmaceuticals Ingredient (API) products for cancer medicines at the factory, and will continue to service the customers from the inventory of finished goods.

Natco Pharma Ltd on November 14 reported a 550 percent surge in its consolidated net profit during the September quarter, primarily due to growth in formulation exports and increased sales in the domestic agrochemical business.

Shares of the company on December 7 were trading in red, down almost 1 percent at Rs 781.70 apiece at 3:10 pm on the BSE.

In Pics | Cyclone Michaung: Parts of Chennai remain submerged, relief ops expedited