Natco Pharma’s net profit increased 40.1 per cent to ₹386 crore in the fourth quarter ended March 31, 2024 against ₹275 crore in the corresponding quarter of previous financial year.
The revenue of the Hyderabad-based company increased 19 per cent to ₹1,068 crore compared with ₹898 crore in the same period last year.
The drug-maker recorded a consolidated total revenue of ₹4,126.9 crore for the year ended on March 31, 2024, against ₹2,811 crore registering 46.8 per cent growth. The net profit for the period increased 94 per cent at ₹1,388 crore against ₹715 crore last year.
“The company has recorded its highest-ever consolidated revenue and profits during this financial year. This is the result of decades of our diligence. On the domestic business front, the company has taken a one-time charge of approximately ₹90 crore which is reflected in revenue and profitability numbers,’‘ Natco said in a release.
Also read: Adani Energy Solutions to raise ₹12,500 crore via QIP
There were three aspects of the one-time charge. In pharma formulations domestic business, Natco charged and accounted for a return of stock amounting to about ₹35 crore due to change in the business model. In the Crop Health Sciences (CHS) business, due to poor crop season the stock returns were more than expected by ₹25 crore. Provisions on assets of CHS division amounted to about ₹30 crore.
“This was done due to non-utilisation of certain assets used for manufacturing of Agro intermediates,’‘ the Hyderabad-based company said.