For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Natco Pharma has increased 57.80% to Rs 560.5 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 23.23% to 18.16%, leading to 23.39% rise in operating profit to Rs 101.80 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 19.90% to 17.54%. Purchase of finished goods cost fell from 8.48% to 0.98%. Employee cost decreased from 26.69% to 20.60%. Other expenses rose from 23.22% to 43.14%. Other income fell 1.95% to Rs 30.2 crore. PBIDT rose 16.50% to Rs 132 crore. Provision for interest rose 47.06% to Rs 5 crore. PBDT rose 15.56% to Rs 127 crore. Provision for depreciation rose 20.81% to Rs 36 crore. Profit before tax grew 13.61% to Rs 91.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 10.6 crore, compared to Rs 16.7 crore. Effective tax rate was 11.65% compared to 20.85%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 28.23% to Rs 80.40 crore. Promoters’ stake was 48.86% as of 31 December 2021 ,compared to 48.91% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Natco Pharma has declined 21.66% to Rs 1348 crore. Operating profit margin has declined from 30.80% to 20.93%, leading to 46.77% decline in operating profit to Rs 282.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 16.38% to 22.72%. Purchase of finished goods cost fell from 10.61% to 1.81%. Employee cost increased from 18.50% to 23.37%. Other expenses rose from 23.89% to 32.45%. Other income rose 13.30% to Rs 85.2 crore. PBIDT fell 39.31% to Rs 367.3 crore. Provision for interest rose 12.24% to Rs 11 crore. PBDT fell 40.16% to Rs 356.3 crore. Provision for depreciation rose 20.81% to Rs 104.5 crore. Profit before tax down 50.52% to Rs 251.80 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 31.3 crore, compared to Rs 119.5 crore. Effective tax rate was 12.43% compared to 23.48%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 43.16% to Rs 220.50 crore. Promoters’ stake was 48.86% as of 31 December 2021 ,compared to 48.91% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Natco Pharma has increased 7.16% to Rs 2052.1 crore. Sales of Pharmaceutical segment has gone up 7.05% to Rs 2,050.00 crore (accounting for 99.90% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 0.46% to Rs 592.90 crore. PBIT of Pharmaceutical segment rose 0.66% to Rs 594.10 crore (accounting for 100.20% of total PBIT). PBIT margin of Pharmaceutical segment fell from 30.82% to 28.98%. Overall PBIT margin fell from 30.82% to 28.89%. Operating profit margin has declined from 30.42% to 29.54%, leading to 4.05% rise in operating profit to Rs 606.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 16.53% to 17.76%. Purchase of finished goods cost rose from 6.42% to 8.88%. Employee cost increased from 18.84% to 19.76%. Other expenses fell from 28.93% to 24.74%. Other income fell 3.54% to Rs 103.6 crore. PBIDT rose 2.87% to Rs 709.8 crore. Provision for interest fell 38.14% to Rs 13.3 crore. Loan funds declined from Rs 315.90 crore as of 31 March 2020 to Rs 267.60 crore as of 31 March 2021. Inventories rose to Rs 798.20 crore as of 31 March 2021 from Rs 558.00 crore as of 31 March 2020. Sundry debtors were lower at Rs 412.90 crore as of 31 March 2021 compared to Rs 551.30 crore as of 31 March 2020. Cash and bank balance rose to Rs 283.50 crore as of 31 March 2021 from Rs 66.00 crore as of 31 March 2020. Investments rose to Rs 303.70 crore as of 31 March 2021 from Rs 112.30 crore as of 31 March 2020 . PBDT rose 4.19% to Rs 696.5 crore. Provision for depreciation rose 17.13% to Rs 116.9 crore. Fixed assets increased to Rs 2,237.20 crore as of 31 March 2021 from Rs 2,093.60 crore as of 31 March 2020. Intangible assets increased from Rs 8.80 crore to Rs 9.40 crore. Profit before tax grew 1.92% to Rs 579.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 137.2 crore, compared to Rs 110.6 crore. Effective tax rate was 23.67% compared to 19.45%. Net profit attributable to owners of the company decreased 4.32% to Rs 440.90 crore. Equity capital increased from Rs 36.40 crore as of 31 March 2020 to Rs 36.50 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 48.87% as of 31 March 2021 ,compared to 48.93% as of 31 March 2020 . Cash flow from operating activities decreased to Rs 298.80 crore for year ended March 2021 from Rs 417.30 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 254.60 crore, compared to Rs 358.60 crore during the year ended March 2020.
Other Highlights
The board has Declared third interim
dividend of Rs 2 each per equity share of Rs 2 each for the financial year
2021-22. Record date is fixed as Friday, the 25th February 2022. The payment of
said interim dividend will start from 4th March 2022.
In Q3 FY22,
Domestic formulations contributed 16.97% of total revenue, exports 64.85%, API
10.44%, Crop Health Sciences (CHS) 0.05% and others 7.69%.
| Natco Pharma : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 560.50 | 355.20 | 57.80 | 1,348.00 | 1,720.80 | -21.66 | 2,052.10 | 1,915.00 | 7.16 | | OPM (%) | 18.16 | 23.23 | -506 bps | 20.93 | 30.80 | -987 bps | 29.54 | 30.42 | -88 bps | | OP | 101.80 | 82.50 | 23.39 | 282.10 | 530.00 | -46.77 | 606.20 | 582.60 | 4.05 | | Other Inc. | 30.20 | 30.80 | -1.95 | 85.20 | 75.20 | 13.30 | 103.60 | 107.40 | -3.54 | | PBIDT | 132.00 | 113.30 | 16.50 | 367.30 | 605.20 | -39.31 | 709.80 | 690.00 | 2.87 | | Interest | 5.00 | 3.40 | 47.06 | 11.00 | 9.80 | 12.24 | 13.30 | 21.50 | -38.14 | | PBDT | 127.00 | 109.90 | 15.56 | 356.30 | 595.40 | -40.16 | 696.50 | 668.50 | 4.19 | | Depreciation | 36 | 29.8 | 20.81 | 104.5 | 86.5 | 20.81 | 116.9 | 99.8 | 17.13 | | PBT | 91.00 | 80.10 | 13.61 | 251.8 | 508.9 | -50.52 | 579.6 | 568.7 | 1.92 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 91 | 80.1 | 13.61 | 251.8 | 508.9 | -50.52 | 579.6 | 568.7 | 1.92 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 91 | 80.1 | 13.61 | 251.8 | 508.9 | -50.52 | 579.6 | 568.7 | 1.92 | | Taxation | 10.6 | 16.7 | -36.53 | 31.3 | 119.5 | -73.81 | 137.2 | 110.6 | 24.05 | | PAT | 80.4 | 63.4 | 26.81 | 220.5 | 389.4 | -43.37 | 442.4 | 458.1 | -3.43 | | Minority Interest (MI) | 0 | 0.7 | - | 0 | 1.5 | - | 1.5 | -2.7 | PL | | Net profit | 80.4 | 62.7 | 28.23 | 220.5 | 387.9 | -43.16 | 440.9 | 460.8 | -4.32 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 80.4 | 62.7 | 28.23 | 220.5 | 387.9 | -43.16 | 440.9 | 460.8 | -4.32 | | EPS (Rs)* | 4.41 | 3.44 | 28.23 | 12.08 | 21.25 | -43.16 | 24.16 | 25.25 | -4.32 | | | * EPS is on current equity of Rs 36.50 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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