Natco Pharma Q1 net profit declines 39 per cent to ₹75 cr

PTI Updated - August 12, 2021 at 05:50 PM.

The board of directors has recommended an interim dividend of ₹2 per equity share

A private security guard looks out from a window of the head office of Natco in the southern Indian city of Hyderabad March 13, 2012. India's move to strip German drugmaker Bayer of its exclusive rights to a cancer drug has set a precedent that could extend to other treatments, including modern HIV/AIDS drugs, in a major blow to global pharmaceutical firms, experts say. On Monday, the Indian Patent Office effectively ended Bayer's monopoly for its Nexavar drug and issued its first-ever compulsory license allowing local generic maker Natco Pharma to make and sell the drug cheaply in India. REUTERS/Krishnendu Halder (INDIA - Tags: HEALTH BUSINESS)

Drug firm Natco Pharma on Thursday reported a 38.57 per cent decline in its consolidated net profit at ₹75 crore for the quarter ended June 2021.

The company had posted a net profit of ₹122.1 crore for the corresponding period of the previous fiscal.

Consolidated total income of the company stood at ₹427.3 crore for the quarter under consideration. It was ₹582.1 crore for the same period a year ago, it added.

"The degrowth in sales can be partially attributed to the higher proportion of initial phase of pandemic exports to the US in Chloroquine Phosphate tablets and Oseltamivir Phosphate capsules in the revenues for the quarter ended June 30, 2020," Natco Pharma said.

The company has strong product launches both in export markets and domestic India business during the current financial year and expects to have good growth, it added.

The board of directors has recommended an interim dividend of ₹2 per equity share of ₹2 each, during the first quarter of FY 2021-22.

Shares of Natco Pharma ended at ₹ 1,041.45. up ₹30.90 or 3.06 per cent over its previous close on BSE on Thursday.

Published on August 12, 2021 10:45
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