For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Natco Pharma has increased 54.03% to Rs 758.6 crore compared to quarter ended Dec 2022. Sales of Pharmaceutical segment has gone up 54.27% to Rs 744.50 crore (accounting for 98.14% of total sales). Sales of Agro Chemical segment has gone up 42.42% to Rs 14.10 crore (accounting for 1.86% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 206.22% to Rs 260.90 crore. PBIT of Pharmaceutical segment rose 208.61% to Rs 275.90 crore (accounting for 105.75% of total PBIT). PBIT of Agro Chemical segment fell 257.14% to Rs -15.00 crore (accounting for -5.75% of total PBIT).
PBIT margin of Pharmaceutical segment rose from 18.52% to 37.06%. PBIT margin of Agro Chemical segment fell from negative 42.42% to negative 106.38%. Overall PBIT margin rose from 17.30% to 34.39%.
Operating profit margin has jumped from 21.50% to 35.34%, leading to 153.16% rise in operating profit to Rs 268.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.85% to 12.71%. Purchase of finished goods cost fell from 8.44% to 5.06%. Employee cost decreased from 18.96% to 16.81%. Other expenses fell from 29.74% to 28.46%. Other income rose 77.88% to Rs 37 crore. PBIDT rose 140.81% to Rs 305.1 crore. Provision for interest rose 21.05% to Rs 4.6 crore.
PBDT rose 144.51% to Rs 300.5 crore. Provision for depreciation rose 6.51% to Rs 44.2 crore.
Profit before tax grew 214.86% to Rs 256.30 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 43.6 crore, compared to Rs 19.1 crore. Effective tax rate was 17.01% compared to 23.46%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 241.41% to Rs 212.70 crore. Promoters’ stake was 49.71% as of 31 December 2023 ,compared to 48.82% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Natco Pharma has increased 61.98% to Rs 2930.5 crore. Sales of Pharmaceutical segment has gone up 56.85% to Rs 2,815.90 crore (accounting for 96.09% of total sales). Sales of Agro Chemical segment has gone up 724.46% to Rs 114.60 crore (accounting for 3.91% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 120.08% to Rs 1,208.90 crore. PBIT of Pharmaceutical segment rose 116.59% to Rs 1,215.50 crore (accounting for 100.55% of total PBIT). PBIT of Agro Chemical segment rose 44.54% to Rs -6.60 crore (accounting for -0.55% of total PBIT).
PBIT margin of Pharmaceutical segment rose from 31.26% to 43.17%. PBIT margin of Agro Chemical segment rose from negative 85.61% to negative 5.76%. Overall PBIT margin rose from 30.36% to 41.25%.
Operating profit margin has jumped from 32.97% to 42.79%, leading to 110.24% rise in operating profit to Rs 1,254.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.37% to 13.75%. Purchase of finished goods cost fell from 6.57% to 4.19%. Employee cost decreased from 19.42% to 13.32%. Other expenses fell from 25.14% to 25.07%. Other income rose 13.89% to Rs 86.1 crore. PBIDT rose 99.40% to Rs 1340.2 crore. Provision for interest rose 10.17% to Rs 13 crore.
PBDT rose 101% to Rs 1327.2 crore. Provision for depreciation rose 6.92% to Rs 131.3 crore.
Profit before tax grew 122.49% to Rs 1,195.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 193.9 crore, compared to Rs 98 crore. Effective tax rate was 16.21% compared to 18.23%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 127.99% to Rs 1,002.00 crore.
Promoters’ stake was 49.71% as of 31 December 2023 ,compared to 48.82% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Natco Pharma has increased 39.20% to Rs 2707.1 crore. Sales of Pharmaceutical segment has gone up 37.44% to Rs 2,666.20 crore (accounting for 98.49% of total sales). Sales of Agro Chemical segment has gone up 734.69% to Rs 40.90 crore (accounting for 1.51% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 298.54% to Rs 876.40 crore. PBIT of Pharmaceutical segment rose 258.23% to Rs 888.40 crore (accounting for 101.37% of total PBIT). PBIT of Agro Chemical segment rose 57.30% to Rs -12.00 crore (accounting for -1.37% of total PBIT).
PBIT margin of Pharmaceutical segment rose from 12.78% to 33.32%. PBIT margin of Agro Chemical segment rose from negative 573.47% to negative 29.34%. Overall PBIT margin rose from 11.31% to 32.37%.
Operating profit margin has jumped from 13.55% to 34.56%, leading to 255.07% rise in operating profit to Rs 935.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 26.47% to 17.41%. Purchase of finished goods cost rose from 2.98% to 6.43%. Employee cost decreased from 22.68% to 17.82%. Other expenses fell from 34.44% to 24.08%. Other income rose 5.66% to Rs 104.6 crore. PBIDT rose 186.95% to Rs 1040.2 crore. Provision for interest fell 18.08% to Rs 14.5 crore. Loan funds declined from Rs 415.50 crore as of 31 March 2022 to Rs 166.70 crore as of 31 March 2023. Inventories declined from Rs 762.00 crore as of 31 March 2022 to Rs 742.90 crore as of 31 March 2023. Sundry debtors were higher at Rs 856.10 crore as of 31 March 2023 compared to Rs 620.60 crore as of 31 March 2022. Cash and bank balance rose to Rs 546.30 crore as of 31 March 2023 from Rs 206.10 crore as of 31 March 2022. Investments rose to Rs 392.30 crore as of 31 March 2023 from Rs 308.10 crore as of 31 March 2022 .
PBDT rose 197.48% to Rs 1025.7 crore. Provision for depreciation rose 14.87% to Rs 163.8 crore. Fixed assets increased to Rs 2,436.00 crore as of 31 March 2023 from Rs 2,390.60 crore as of 31 March 2022. Intangible assets increased from Rs 50.70 crore to Rs 55.20 crore.
Profit before tax grew 326.26% to Rs 861.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 146.6 crore, compared to Rs 32.2 crore. Effective tax rate was 17.01% compared to 15.92%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 320.76% to Rs 715.30 crore.
Equity capital stood at Rs 36.50 crore as of 31 March 2023 to Rs 36.50 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 48.84% as of 31 March 2023 ,compared to 48.81% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 849.10 crore for year ended March 2023 from Rs 46.50 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 205.60 crore, compared to Rs 242.60 crore during the year ended March 2022.
Other Highlights
Board declared third interim dividend of
Rs 1.25 each per equity share of Rs 2 each for the financial year 2023-24. Record
date is fixed as Monday, the 26th day of February, 2024.
In
Q3 FY24, Domestic formulations contributed 12% of total revenue, exports 76%,
API 6%, Crop Health Sciences (CHS) 2% and others 4%.