For the
quarter ending March 2022, consolidated net sales (including other operating income) of Natco Pharma has increased 80.14% to Rs 596.8 crore compared to quarter ended march 2021.
Operating profit margin (OPM) has turned from positive 23% to negative 3.12%, Operating profit for the quarter stood loss of Rs 18.60 crore compared to profit of Rs 76.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.19% to 36.70%. Purchase of finished goods cost rose from 0.81% to 6.18%. Employee cost decreased from 25.63% to 20.78%. Other expenses rose from 28.72% to 39.88%. Other income fell 51.41% to Rs 13.8 crore. PBIDT stood at Rs 4.80 crore compared to profit of Rs 104.6 crore. Provision for interest rose 91.43% to Rs 6.7 crore. Loan funds rose to Rs 415.50 crore as of 31 March 2022 from Rs 267.60 crore as of 31 March 2021. Inventories declined from Rs 798.20 crore as of 31 March 2021 to Rs 762.00 crore as of 31 March 2022. Sundry debtors were higher at Rs 620.60 crore as of 31 March 2022 compared to Rs 412.90 crore as of 31 March 2021. Cash and bank balance declined from Rs 283.50 crore as of 31 March 2021 to Rs 206.10 crore as of 31 March 2022. Investments rose to Rs 308.10 crore as of 31 March 2022 from Rs 303.70 crore as of 31 March 2021 . PBDT stood at Rs 11.50 crore compared to profit of Rs 127 crore. Provision for depreciation rose 25.33% to Rs 38.1 crore. Fixed assets increased to Rs 2,390.60 crore as of 31 March 2022 from Rs 2,237.20 crore as of 31 March 2021. Intangible assets increased from Rs 9.40 crore to Rs 50.70 crore. Profit before tax reported loss of Rs 49.60 crore compared to profit of Rs 70.70 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 0.9 crore, compared to Rs 17.7 crore. Effective tax rate was negative 1.81% compared to 25.04%. Minority interest was nil in both the periods. Net loss attributable to owners of the company stood at Rs 50.5 crore compared to profit of Rs 53 crore.
Equity capital stood at Rs 36.50 crore as of 31 March 2022 to Rs 36.50 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 48.81% as of 31 March 2022 ,compared to 48.87% as of 31 March 2021 .
Full year results analysis.
Net sales (including other operating income) of Natco Pharma has declined 5.23% to Rs 1944.8 crore. Operating profit margin has declined from 29.54% to 13.55%, leading to 56.53% decline in operating profit to Rs 263.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 17.76% to 26.47%. Purchase of finished goods cost fell from 8.88% to 2.98%. Employee cost increased from 19.76% to 22.68%. Other expenses rose from 24.74% to 34.44%. Other income fell 4.44% to Rs 99 crore. PBIDT fell 48.93% to Rs 362.5 crore. Provision for interest rose 33.08% to Rs 17.7 crore. Loan funds rose to Rs 415.50 crore as of 31 March 2022 from Rs 267.60 crore as of 31 March 2021. Inventories declined from Rs 798.20 crore as of 31 March 2021 to Rs 762.00 crore as of 31 March 2022. Sundry debtors were higher at Rs 620.60 crore as of 31 March 2022 compared to Rs 412.90 crore as of 31 March 2021. Cash and bank balance declined from Rs 283.50 crore as of 31 March 2021 to Rs 206.10 crore as of 31 March 2022. Investments rose to Rs 308.10 crore as of 31 March 2022 from Rs 303.70 crore as of 31 March 2021 . PBDT fell 50.50% to Rs 344.8 crore. Provision for depreciation rose 21.98% to Rs 142.6 crore. Fixed assets increased to Rs 2,390.60 crore as of 31 March 2022 from Rs 2,237.20 crore as of 31 March 2021. Intangible assets increased from Rs 9.40 crore to Rs 50.70 crore. Profit before tax down 65.11% to Rs 202.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 32.2 crore, compared to Rs 137.2 crore. Effective tax rate was 15.92% compared to 23.67%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 61.44% to Rs 170.00 crore. Equity capital stood at Rs 36.50 crore as of 31 March 2022 to Rs 36.50 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 48.81% as of 31 March 2022 ,compared to 48.87% as of 31 March 2021 .
Other Highlights
In Q4 FY22,
Domestic formulations contributed 12.49% of total revenue, exports 76.17%, API
7.95%, Crop Health Sciences (CHS) 0.09% and others 3.3%.
The company
is confident of strong business growth during FY2022-23 lead by export business
of Lenalidomide and growth in other business segments.
| Natco Pharma : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 596.80 | 331.30 | 80.14 | 1,944.80 | 2,052.10 | -5.23 | | OPM (%) | -3.12 | 23.00 | -2,612 bps | 13.55 | 29.54 | -1,599 bps | | OP | -18.60 | 76.20 | PL | 263.50 | 606.20 | -56.53 | | Other Inc. | 13.80 | 28.40 | -51.41 | 99.00 | 103.60 | -4.44 | | PBIDT | -4.80 | 104.60 | PL | 362.50 | 709.80 | -48.93 | | Interest | 6.70 | 3.50 | 91.43 | 17.70 | 13.30 | 33.08 | | PBDT | -11.50 | 101.10 | PL | 344.80 | 696.50 | -50.50 | | Depreciation | 38.1 | 30.4 | 25.33 | 142.6 | 116.9 | 21.98 | | PBT | -49.60 | 70.70 | PL | 202.2 | 579.6 | -65.11 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | -49.6 | 70.7 | PL | 202.2 | 579.6 | -65.11 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | -49.6 | 70.7 | PL | 202.2 | 579.6 | -65.11 | | Taxation | 0.9 | 17.7 | -94.92 | 32.2 | 137.2 | -76.53 | | PAT | -50.5 | 53 | PL | 170 | 442.4 | -61.57 | | Minority Interest (MI) | 0 | 0 | - | 0 | 1.5 | - | | Net profit | -50.5 | 53 | PL | 170 | 440.9 | -61.44 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | -50.5 | 53 | PL | 170 | 440.9 | -61.44 | | EPS (Rs)* | -2.77 | 2.90 | PL | 9.31 | 24.15 | -61.44 | | | * EPS is on current equity of Rs 36.51 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 |
|
|