Natco Pharma’s consolidated net profit increased 31 per cent to ₹420 crore in the first quarter ended June 30, 2023 against ₹320 crore in the corresponding quarter of the previous financial year,
The total revenue of the Hyderabad based drug maker increased 26.3 per cent to ₹1,160 crore compared to ₹919 crore in the same period last year, according to a release.
“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,’‘ the company said.
Patent infringement
Natco Pharma had made a provision of ₹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 ₹17 crore towards special incentive to employees.
The Board of Directors has declared an interim dividend of ₹7 (350 per cent ) per equity share of ₹2 each, for the FY2024. Natco Pharma’s scrip gained 1.82 per cent on the BSE on Wednesday to end at ₹894.10.