Natco Pharma acquires 51% in sister firm

Natco Pharma Ltd has announced that it acquired 51 per cent of the paid-up equity capital of Natco Organics. Natco Organics is a joint venture between Natco Pharma and TIDCO. In a notice to the stock exchanges, the company also said the board of directors has allotted over two lakh equity shares of Rs 10 each under ESOP. It has also reported a net profit of Rs 21 crore for the quarter ended September 30, a rise of 31 per cent over the comparative quarter’s net of Rs 15.94 crore. The total income stood at Rs 180.3 crore, up from Rs 126.6 crore in the year-ago period. The bulk of the revenues came from exports of Rs 85 crore, which constituted just over 50 per cent of the revenues for the quarter under review.