Natco Pharma’s net profit zooms 31% to Rs 420 Cr in Q1

Hyderabad: Natco Pharma Ltd on Wednesday said its consolidated net profit for the quarter ended June 30 was up by 31.2 per cent at Rs 420.3 crores as against Rs 320.4 crore in the same period last fiscal.

A press release from the city-based drug maker said it has recorded consolidated total revenue of Rs 1160.2 crore for the first quarter , as against Rs 918.9 crore for the same period last year, reflecting a growth of 26.3 per cent.

The company had made a provision of Rs 51 crore towards pending patent infringement litigation cases for its products in India (without admission of either liability for infringement or validity of such patents) and also incurred about Rs 17.0 crore towards special incentive to employees during the quarter.

Major drivers of business during the quarter were from formulation exports, strong growth in domestic business of both Pharma and Agro, and steady sales from subsidiaries, Natco said adding the Board of Directors has declared an interim dividend of Rs 7 (350 per cent) per equity share of Rs 2 each, for the current fiscal.