TTK Healthcare on Tuesday posted a net profit of ₹16 crore for the first quarter of the current fiscal against a net profit of ₹601 crore for the corresponding quarter of previous fiscal.
However, the results of the two periods are not comparable since the previous year figures include a one-time gain from sale of a business unit.
During the first quarter of FY22, the Chennai-based healthcare firm sold its human pharma business to BSV Pharma for a consideration of ₹805 crore and the gain from sale of the undertaking was ₹776 crore.
The company’s “profits from continued operations” witnessed a four-fold jump ₹16 crore in the latest quarter against 4 crore in the year-ago quarter. Total revenue from operations grew by 5 per cent year-on-year to ₹202 crore (₹193 crore) in Q1FY24.
TTK Healthcare operates in multiple business segments including animal welfare products, consumer products (FMCG), medical devices, protective devices (male contraceptives) and foods business.
Of the total revenue of ₹202 crore, share of consumer products stood at 35 per cent followed by protective devices (25 per cent), animal welfare division (14 per cent) and medical devices (11 per cent).
Voluntary delisting
Recently, TTK Healthcare’s plan to voluntarily delist from stock exchanges failed as the offer did not attract enough interest from public shareholders.
The promoters, holding about 74.56 per cent stake in the company, offered to buy back up to 25.44 per cent shares from the public through a reverse book-building process.
However, the public shareholders tendered only 17.04-lakh shares, which is less than the number of shares required to make the delisting successful.
Meanwhile, shares of TTK Healthcare touched an intraday high of ₹1,271.95 on NSE before closing at 1,236.85.