Natco Pharma trades 2% lower even as its Q2 net profit zooms 550% YoY

Shares of Natco Pharma dropped 2 percent in trade on November 15 due to profit taking even as the pharma company reported a 550 percent surge in its Q2 net profit. At 12:39pm, the Natco Pharma stock was trading at Rs 765.27 on NSE.

Natco Pharma Ltd on November 14 reported a 550 percent surge in its consolidated net profit during the September quarter, primarily due to growth in formulation exports and increased sales in the domestic agrochemical business.

Net profit for the quarter stood at Rs 369 crore against Rs 56.8 crore a year ago, according to a press release. Total sales for the quarter more than doubled to Rs 1,061 crore, up 134.7 percent from Rs 452 crore last year. The company announced an interim dividend of Rs 1.25 a share.

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Formulations exports generated Rs 792 crore in revenue compared to Rs 283 crore last year, leading the revenue contributions. The domestic formulations business followed with Rs 102 crore, and the crop health sciences segment earned Rs 56 crore in the reviewed quarter.

Also Read: Natco Pharma Consolidated September 2023 Net Sales at Rs 1,031.40 crore, up 138.69% Y-o-Y

Natco Pharma stock shareholding pattern

Promoters own 49.71 percent of the pharmaceutical and drug company. Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) hold the remaining 14.01 percent and 12.82 percent of the stock respectively.

Natco Pharma stock performance

The Natco Pharma stock has given a return of 26.22 percent over the last six months. The benchmark Nifty50 index has given a return of 5.68 percent over the same duration.

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