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Natco Pharma Ltd’s consolidated net profit more than doubled at ₹54 crore in the fourth quarter ended March 15, 2015, against ₹24 crore in the year-ago period.
This was driven by a reversal of ₹31 crore of differed tax liabilities, the Hyderabad-based company said in a release on Friday.
If this is excluded, the net profit was marginally down at ₹23 crore in the period under review. The revenue grew by 5.28 per cent at ₹204 crore (₹194 crore) driven by increased sales in bulk chemicals and formulations.
For the full year ended March 2015, net profit increased to ₹135 (₹103 crore) and total was at ₹825 crore (₹738 crore).
The board of directors had also approved a proposal to issue shares or convertible securities in the form of private placement, Qualified Institutional Placement (QIP) to Foreign Institutional Investors (FIIs), Qualified Institutional Buyers or any other investors up to ₹450 crore.
It was also decided to increase equity investment percentage in the company by Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors and so on to 49 per cent. The shares of Natco Pharma closed at ₹2,295.40 on the BSE on Friday.
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