The Hindu Business Line : Natco Pharma Q1 net up at Rs 4.95 cr; firms up FCCBs

NATCO Pharma Ltd (NPL), the Hyderabad-based pharmaceutical major known for its timed release technology, has registered a growth of 30 per cent in turnover and over 100 per cent in net profit for the first quarter ended June 30.

As per the unaudited financial results taken on record by the NPL board on Friday, turnover improved to Rs 42.64 crore from Rs 32.58 crore in the corresponding previous period and net profit grew to Rs 4.95 crore (Rs 2.04 crore).

In a release, the company said that the interest costs have also significantly come down during the quarter under review.

On an annualised basis, the earnings per share worked out to Rs 8.48 against Rs 5.59 in 2003-2004.

The board has also finalised arrangements for a $10-million issue of FCCBs/ADRs/GDRs.

The company proposes to approach the markets sometime in September with a green shoe option of retaining the excess subscription up to $3 million.

The board has also approved granting of stock options to its employees at various levels.

The total number of options to be granted would be around six lakh, which would vest over a period of time, the release said.

The board also approved a resolution to delist the shares of the company from the stock exchanges at Hyderabad and Ahmedabad.