Hyderabad based NATCO Pharma Limited recorded consolidated total revenue of ₹1060.8 Crore for the Second quarter of FY2024 that ended on 30th September 2023, as against ₹452.6 Crore for the same period last year, reflecting a growth of 134%, the company on Tuesday announced through an exchange filing.
The net profit for the period, on a consolidated basis, was ₹369 Crores as against ₹56.8 Crore same period last year, showing significant growth.
The company business was strong during the quarter due to growth in formulation exports and increased sales in domestic agrochemical business.
Segmental Revenue Split
The revenue for the second quarter of fiscal year 2024 across various segments exhibited notable performance trends compared to the same quarter of the previous fiscal year.
API revenue amounted to ₹77.8 crore, marking a slight increase from ₹75.1 crore in Q1 FY24 and a significant surge from ₹44.1 crore in Q2 FY23. Formulations within the domestic market witnessed a decrease, generating ₹102.5 crore in revenue in Q2 FY24 as opposed to ₹132.4 crore in the previous quarter, although surpassing the ₹93.5 crore reported in Q2 FY23.
Conversely, Formulations in Exports, which encompass Profit Share and Foreign Subsidiaries, yielded substantial revenue of ₹792.3 crore in Q2 FY24, down from ₹884.2 crore in Q1 FY24 but notably higher than the ₹283.4 crore recorded in Q2 FY23.
Other Operating Income and Non-Operating Income collectively increased to ₹32.4 crore from ₹23.8 crore in Q1 FY24. Crop Health Sciences (CHS) experienced robust growth, reaching ₹55.8 crore in revenue, up from ₹44.7 crore in the preceding quarter and significantly surpassing the ₹3.0 crore reported in Q2 FY23.
Overall, the total revenue for the quarter amounted to ₹1060.8 crore, slightly lower than the ₹1160.2 crore in Q1 FY24 but substantially higher than the ₹452.6 crore in Q2 FY23.
The Board of Directors had declared second interim dividend of ₹ 1.25 per equity share of ₹2.0 each, for FY 2024.
