TTK Healthcare on Tuesday posted a 59 per cent jump in its fourth-quarter net profit at ₹16.94 crore. The Chennai-based pharmaceutical company’s net profit for the same quarter of the previous fiscal stood at ₹10.62 crore.
Although profits from continued operations stood at ₹20.42 crore during the latest quarter, it was pulled down by a ₹3.47 crore tax expense pertaining to its discontinued operations.
Previously, TTK Healthcare sold its human pharma business to BSV Pharma for a consideration of ₹805 crore during the first quarter of FY22.
Standalone revenue from operations went up by 14 per cent year-on-year to ₹180 crore (₹159 crore) during Q4FY23.
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In April, TTK Healthcare said its promoters expressed their intention to acquire all the equity shares that are held by public shareholders and then go for voluntary delisting of the equity shares from the stock exchanges. The company had then said the proposed delisting is in the interest of the public shareholders as it will provide them with an exit opportunity at a price determined in compliance with the delisting regulations.
Also read: TTK Healthcare delisting: Should you tender, and other key questions
For the full year, the company’s revenue from operations grew by 21 per cent to ₹725 crore (₹599 crore) in FY23. Net profit for the full year jumped to ₹640 crore (₹42 crore) in FY23, driven by ₹595 crore of profit from the “discontinued operations”. The company said it has gained ₹764 crore on transfer of its Human Pharma division to BSV Pharma Pvt Ltd.
The Board of TTK Healthcare recommended a dividend of ₹10 per equity share of ₹10 each for the financial year ended March 31, 2023.
Shares of TTK Healthcare closed ₹1,265.95 a piece on NSE on Tuesday, 2 per cent higher than previous day’s closing price.