Natco Pharma Limited on Wednesday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 212.70 crore, up 241.4 per cent on-year. The profit during the third quarter of FY23 was at Rs 62.30 crore. It posted revenue from operations at Rs 758.60 crore, up 54 per cent in comparison to Rs 492.50 crore during the corresponding quarter of previous year. The company EBITDA stood at Rs 268.4 crore. While the total income recorded by the company during Q3FY24 was at Rs 795.60 crore, total expenses incurred by Natco Pharma during the quarter in review stood at Rs 539.30 crore.
For 9 months ending December 31st, 2023, the company recorded total revenue of Rs 3016.6 crore as against Rs 1884.8 crore for the same period last year. Similarly, the net profit for 9 months, the company recorded Rs 1002.0 crore as against Rs 439.5 crore in the same period last year. “The company has shown strong growth across businesses compared to last year and is confident of its strategy going forward,” it said in a statement.
The company board also declared its third interim dividend of Rs 1.25 (62.50 per cent) each per equity share of Rs 2 each for the financial year 2023-24. “The date for taking on record of its shareholders eligible for the purpose of payment of third interim dividend i.e., record date is fixed as Monday, the 26th day of February 2024. The payment of said interim dividend will start from 4th March 2024,” it said in a regulatory filing.
Key appointments
Natco Pharma board of directors, based on the recommendation of Nomination and Remuneration Committee, approved the appointment Agnihotra Dakshina Murty Chavali and Dronadula Vijaya Bhaskar as Independent Directors of the company for a period of five years w.e.f 1st April, 2024. The board also approved the appointment of Venkaiah Chowdary Nannapaneni as Chairman & Managing Director of the company for a period of two years w.e.f. 1st April, 2024 and payment of remuneration. Rajeev Nannapaneni is appointed by the board as Vice Chairman & Chief Executive Officer of the company for a period of two years w.e.f. 1st April, 2024. Further, Potluri Sivaramakrishna Prasad has been appointed as Director and Executive Vice President (Corporate Engineering Services) of the company for a period of two years, Dr Donthineni Linga Rao as Director & President (Tech. Affairs), and Dr Pavan Ganapati Bhat as Director & Executive Vice President (Technical Operations) for a period of two years.