Drugmaker Natco Pharma reported first quarter consolidated net profit fell 39% to ₹75 crore compared with ₹122.10 crore of the year earlier period on the back of lower sales.
Total income at ₹427.30 crore (₹582.10 crore) was 27% lower. Degrowth in sales can be partially attributed to higher proportion of initial phase of pandemic exports to the U.S. of Chloroquine Phosphate tablets and Oseltamivir Phosphate capsules in the revenues for quarter ended June 2020, the company said.
The pandemic continues to impact revenues, but there is recovery compared to quarter ended March, the Hyderabad-based firm said. It said strong product launches have been lined up for both export and India markets during the current fiscal and the company is expected to register a good growth.
In terms of segment revenue, API sales for the quarter ended June 2021 stood at ₹61.6 crore (₹143.92 crore); while that of Formulations for the domestic market totalled ₹200.6 crore (₹125.62 crore); and Formulations exports, including profit share and by foreign subsidiaries, was ₹145.4 crore (₹274.23 crore), the company said.
Declares ₹2 dividend
The company has declared an interim dividend of Rs.2 each per equity share of Rs.2 each. The record date is fixed as August 25 and the interim dividend will be paid from August 31.