Generic drugmaker Natco Pharma reported September quarter consolidated net profit declined more than 23% to ₹517.9 crore compared to ₹676.5 crore a year earlier on the back of muted topline growth.
Total income increased to ₹1,463 crore (₹1,434.9 crore) buoyed by Other Income of ₹100 crore (₹63.8 crore). Revenue from operations declined to ₹1,363 crore (₹1,371.1 crore).
Substantial research and development expenses on bioequivalence and one-time employee bonus, in addition to other business-related provisions, were incurred during the quarter, the company said.
Interim dividend
The board of directors has declared an interim dividend of ₹1.5 per equity share (of ₹2 each).
In terms of the segmental revenue during the quarter, share of formulations export was lower at ₹1,147 crore (₹1,211.3 crore), while contribution of domestic formulations and active pharmaceutical ingredients segments was marginally higher. Revenue from crop health sciences increased to ₹52.4 crore (₹14.1 crore).
Demerger of CHS division
Following a decision to demerge the Crop Health Sciences Division, the Board has approved incorporation of a wholly owned subsidiary, in India, to become the resulting company for the demerger, Natco Pharma said. The company’s shares closed 1.33% lower at ₹815.10 each on the BSE on Friday.