Hyderabad, Nov 14 Driven by strong growth in formulations exports, Natco Pharma has posted a manifold increase in its consolidated net profit at Rs 369 crore in the second quarter ended September 30, 2023, compared to Rs 57 crore in the corresponding quarter of the previous year.
The total revenue of the Hyderabad-based company has more than doubled at Rs 1,061 crore, as against Rs 452 crore for the same period last year, reflecting a growth of 134 per cent. “Business was strong during the quarter due to growth in formulation exports and increased sales in domestic agrochemical business,’‘ Natco said in a release on Tuesday.
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The export of formulations contributed revenues of Rs 792 crore (Rs 283 cr in the year-ago period), followed by the domestic formulations business, which pooled in Rs 102 crore, while the crop health sciences segment earned Rs 56 crore in revenues in the quarter under review.
The Board of Directors has declared a second interim dividend of Rs 1.25 per equity share of Rs 2 for FY 2024, the company said.