Natco Pharma Q2 Net Profit Soars to Rs 369 Crore

Natco Pharma's consolidated net profit climbed fivefold (547%) to Rs 369 crore in the second quarter ended September 30, 2023, from about Rs 57 crore in the same quarter of fiscal year 2022-23.This was on a 134% jump in consolidated total revenue of Rs 1,061 crore for Q2FY24 as compared to Rs 453 crore in Q2FY23.The Hyderabad based company attributed the performance during the quarter to growth in formulations exports and increased sales in the domestic agrochemical business, as per TNN.While sales from formulation exports nearly doubled to Rs 792 crore in Q2FY24 from Rs 283 crore in Q2FY23, revenues from domestic formulations nearly doubled to roughly Rs 103 crore in Q2FY24 from around Rs 94 crore in Q2FY23. income from API (active pharmaceutical ingredients) increased 76% during the quarter to almost Rs 78 crore from Rs 44 crore in Q2FY23, while income from crop health sciences increased 1760% to about Rs 56 crore from Rs 3 crore in Q2FY23.In addition, the firm announced that its board of directors has approved a second interim dividend of Rs 1.25 per equity share of Rs 2 each for fiscal year 2024. Natco Pharma is a worldwide pharmaceutical firm headquartered in Hyderabad, India. The firm produces final dosage formulations, active medicinal components, and agricultural health science products, as well as offering contract manufacturing services.