Natco Pharma witnessed a remarkable opening on Wednesday, with its share price soaring over 9% following the announcement of a substantial surge in net profit for the second quarter of FY24, coupled with the declaration of dividends for shareholders. The opening price of Natco Pharma shares was 9.59% higher at ₹869.95 apiece on the BSE.
In the quarter ending September 2023, Natco Pharma reported a net profit of ₹369 crore, showcasing an impressive growth of 550% from ₹56.8 crore reported a year ago. The company’s total sales in Q2FY24 experienced an outstanding more-than-doubling, reaching ₹1,060.8 crore compared to ₹452.6 crore in the same period the previous year.
Natco Pharma attributed the robust performance to the strong business environment during the quarter, driven by the growth in formulation exports and increased sales in the domestic agrochemical business, as stated in a release by the company.
The API (Active Pharmaceutical Ingredient) segment revenue witnessed a notable increase to ₹77.8 crore during the reviewed quarter, up from ₹44.1 crore in the corresponding quarter of the previous year.
The Formulations segment exports revenue demonstrated substantial growth, reaching ₹792.3 crore from ₹283.4 crore YoY. Simultaneously, the revenue from the domestic formulations business increased to ₹102.5 crore from ₹93.5 crore YoY.
As of 11:31 am, Natco Pharma shares witnessed a downfall, trading 1.91% lower at ₹779.10.
