Natco Pharma on Monday reported a consolidated net loss of Rs 50.5 crore in the fourth quarter ended March 2022.
The company had posted a consolidated net profit of Rs 53 crore in the same quarter previous fiscal, Natco Pharma said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 596.8 crore compared to Rs 331.3 crore, it added.
The loss in the fourth quarter was primarily due to inventory value write-off and provision of estimated credit losses, the company said, adding its total expenses in the fourth quarter were also higher at Rs 660.2 crore against Rs 289 crore in the year-ago period.
For the fiscal ended March 2022, consolidated net profit was Rs 170 crore compared to Rs 442.4 crore, down 61.57 per cent, Natco Pharma said.
The company said its consolidated revenue from operations in FY22 stood at Rs 1,944.8 crore against Rs 2,052.1 crore in FY21.
Natco said the reduction in the profit for FY22 was primarily due to inventory value write-off and provision of receivables related to COVID-19 products, with inventory value write-off of Rs 232 crore and provision of Rs 46 crore towards estimated credit loss.On the outlook, the company said it is confident of strong business growth during FY2022-23, led by the export business of cancer drug Lenalidomide and growth in other business segments.