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 domestic agrochemical business.
Net profit for the quarter stood at Rs 369 crore against Rs 56.8 crore a year ago, according to a press release. Total sales for the quarter more than doubled to Rs 1,061 crore, up 134.7 percent from Rs 452 crore last year.
Meanwhile, on a sequential basis, total sales fell over 8.5 percent while net profit declined 12.2 percent. The company announced an interim dividend of Rs 1.25 a share.
Formulations exports generated Rs 792 crore in revenue compared to Rs 283 crore last year, leading the revenue contributions. The domestic formulations business followed with Rs 102 crore, and the crop health sciences segment earned Rs 56 crore in the reviewed quarter.
On November 13, shares of Natco Pharma gained 0.4 percent to Rs 795 a share while the Nifty lost 0.42 percent. Indian financial markets were closed on November 14 for Diwali Balipratipada.
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