For
the quarter ending March 2024, consolidated net sales (including other operating income) of Natco Pharma has increased 18.98% to Rs 1068.3 crore compared to quarter ended March 2023. Profit before interest, tax and other unallocable items (PBIT) has jumped 47.91% to Rs 483.80 crore.
Overall PBIT margin rose from 36.43% to 45.29%.
Operating profit margin has jumped from 37.77% to 46.55%, leading to 46.65% rise in operating profit to Rs 497.30 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.48% to 11.77%. Purchase of finished goods cost fell from 6.13% to 2.87%. Employee cost decreased from 14.20% to 13.14%. Other expenses rose from 21.68% to 26.36%. Other income rose 44.83% to Rs 42 crore. PBIDT rose 46.51% to Rs 539.3 crore. Provision for interest rose 129.63% to Rs 6.2 crore. Loan funds rose to Rs 371.20 crore as of 31 March 2024 from Rs 166.70 crore as of 31 March 2023. Inventories declined from Rs 742.90 crore as of 31 March 2023 to Rs 700.50 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,188.90 crore as of 31 March 2024 compared to Rs 856.10 crore as of 31 March 2023. Cash and bank balance rose to Rs 952.90 crore as of 31 March 2024 from Rs 546.30 crore as of 31 March 2023. Investments rose to Rs 539.40 crore as of 31 March 2024 from Rs 392.30 crore as of 31 March 2023 .
PBDT rose 45.89% to Rs 533.1 crore. Provision for depreciation rose 35.37% to Rs 55.5 crore. Fixed assets increased to Rs 2,572.10 crore as of 31 March 2024 from Rs 2,436.00 crore as of 31 March 2023. Intangible assets increased from Rs 55.20 crore to Rs 56.00 crore.
Profit before tax grew 47.23% to Rs 477.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 91.3 crore, compared to Rs 48.6 crore. Effective tax rate was 19.12% compared to 14.98%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 40.07% to Rs 386.30 crore. Equity capital decreased from Rs 36.50 crore as of 31 March 2023 to Rs 35.80 crore as of 31 March 2024 . Per share face Value remained same at Rs 2.00.
Promoters’ stake was 49.71% as of 31 March 2024 ,compared to 48.84% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Natco Pharma has increased 47.72% to Rs 3998.8 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 93.14% to Rs 1,692.70 crore.
Overall PBIT margin rose from 32.37% to 42.33%.
Operating profit margin has jumped from 34.56% to 43.80%, leading to 87.20% rise in operating profit to Rs 1,751.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 17.41% to 13.21%. Purchase of finished goods cost fell from 6.43% to 3.83%. Employee cost decreased from 17.82% to 13.27%. Other expenses rose from 24.08% to 25.42%. Other income rose 22.47% to Rs 128.1 crore. PBIDT rose 80.69% to Rs 1879.5 crore. Provision for interest rose 32.41% to Rs 19.2 crore. Loan funds rose to Rs 371.20 crore as of 31 March 2024 from Rs 166.70 crore as of 31 March 2023. Inventories declined from Rs 742.90 crore as of 31 March 2023 to Rs 700.50 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,188.90 crore as of 31 March 2024 compared to Rs 856.10 crore as of 31 March 2023. Cash and bank balance rose to Rs 952.90 crore as of 31 March 2024 from Rs 546.30 crore as of 31 March 2023. Investments rose to Rs 539.40 crore as of 31 March 2024 from Rs 392.30 crore as of 31 March 2023 .
PBDT rose 81.37% to Rs 1860.3 crore. Provision for depreciation rose 14.04% to Rs 186.8 crore. Fixed assets increased to Rs 2,572.10 crore as of 31 March 2024 from Rs 2,436.00 crore as of 31 March 2023. Intangible assets increased from Rs 55.20 crore to Rs 56.00 crore.
Profit before tax grew 94.16% to Rs 1,673.50 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 285.2 crore, compared to Rs 146.6 crore. Effective tax rate was 17.04% compared to 17.01%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 94.09% to Rs 1,388.30 crore.
Equity capital decreased from Rs 36.50 crore as of 31 March 2023 to Rs 35.80 crore as of 31 March 2024 . Per share face Value remained same at Rs 2.00.
Promoters’ stake was 49.71% as of 31 March 2024 ,compared to 48.84% as of 31 March 2023 .
Cash flow from operating activities increased to Rs 1,211.60 crore for year ended March 2024 from Rs 849.10 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 358.70 crore, compared to Rs 205.60 crore during the year ended March 2023.
Other Highlights
On the domestic business front, the
company has taken a one-time charge of approximately Rs 90 crore that is
reflected in revenue and profitability numbers.
In
Q4 FY24, Domestic formulations contributed 4.7% of total revenue, exports 86%,
API 4.5%, Crop Health Sciences (CHS) -0.03% and others 4.8%.