Hyderabad-based drugmaker, Natco Pharma reported a consolidated net profit of ₹275.8 crore in the fourth quarter of FY23, as against a net loss of ₹50.5 crore a year ago same period. Sequentially, the company posted a whopping 344.8% growth in Q4FY23 PAT.
In December 2022 quarter, NATCO posted a net profit of ₹62.3 crore.
Furthermore, the company's revenue climbed by 51.80% to ₹926.9 crore as against ₹610.6 crore during Q4FY22. Compared to the preceding quarter, the growth was massive by 82.3%.
Natco said, the increase in revenue and profits for the year was driven by business growth in the US market and growth in our subsidiaries in Canada & Brazil. Our Crop Health Division started off well with strong growth potential in the ensuing years.
For the full year FY23, Natco posted a consolidated total revenue of ₹2811.7 crore as against ₹2043.8 crore for the last year, reflecting 37.6% growth. The net profit for the period, on a consolidated basis, was ₹715.3 crore, as against ₹170 crore last year.
Natco plans to incorporate a subsidiary company in Colombia with an investment up to an amount not exceeding $ 1,00,000. Also, the company is set to acquire a 100% stake in the UK-based company, Zista Pharma.
Post the acquisition, Zista will become a wholly-owned subsidiary of Natco Pharma.
After the Q4 results, Natco's share price closed at ₹635.10 apiece up by 0.91% on BSE. The stock has touched an intraday high of ₹659.35 crore due to healthy quarterly earnings.
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