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Business News/ Markets / Natco Pharma share price jumps 9% at open after multi-fold surge in Q2, dividend announcement
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Natco Pharma share price jumps 9% at open after multi-fold surge in Q2, dividend announcement

Natco Pharma reported a net profit of ₹369 crore in the quarter ended September 2023, registering a sharp growth of 550% from ₹56.8 crore a year ago.

The Board of Directors of Natco Pharma declared a second interim dividend of ₹1.25 per equity share of ₹2 each, for FY24. (Photo: Reuters)Premium
The Board of Directors of Natco Pharma declared a second interim dividend of 1.25 per equity share of 2 each, for FY24. (Photo: Reuters)

Natco Pharma share price opened over 9% higher on Wednesday after the company clocked a multi-fold jump in its net profit for the second quarter for FY24 along with the announcement of dividend for shareholders. Natco Pharma shares opened 9.59% higher at 869.95 apiece on the BSE.

Natco Pharma on Tuesday reported a net profit of 369 crore in the quarter ended September 2023, registering a sharp growth of 550% from 56.8 crore a year ago.

The company’s total sales in Q2FY24 more than doubled to 1,060.8 crore from 452.6 crore, YoY.

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“The company business was strong during the quarter due to growth in formulation exports and increased sales in domestic agrochemical business," Natco Pharma said in a release.

Its API segment revenue increased to 77.8 crore during the quarter under review from 44.1 crore in the year-ago quarter.

Formulations segment exports revenue jumped to 792.3 crore from 283.4 crore, YoY, while domestic formulations business revenue grew to 102.5 crore from 93.5 crore, YoY.

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Crop Health Sciences business revenue in Q2FY24 surged to 55.8 crore from 3 crore in the corresponding quarter of last fiscal year.

Other Operating income & non-operating income rose to 32.4 crore from 28.6 crore, YoY.

The Board of Directors of Natco Pharma declared a second interim dividend of 1.25 per equity share of 2 each, for FY24.

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The date for taking on record of its shareholders eligible for the purpose of payment of second interim dividend i.e., record date is fixed as Friday, November 24, 2023, the company said.

The payment of said interim dividend will start from December 1, 2023, it added.

Natco Pharma shares have declined over 6% in one month, while the stock is up more than 41% year-to-date (YTD).

At 9:20 am, Natco Pharma shares were trading 3.80% higher at 823.95 apiece on the BSE.

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Published: 15 Nov 2023, 09:03 AM IST
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