On 15 November, despite posting stellar Q2FY24 earnings, Natco Pharma shares were trading in the red and 4% below their previous level.
The pharmaceutical company’s net profit increased by 550% year-on-year (YoY) to Rs 369 crore during the quarter under review from Rs 56.8 crore posted in the same quarter last year.
The total sales during the quarter also doubled to Rs 1,061 crore, marking a 134.7% YoY surge from Rs 452 crore reported in the same quarter from the previous fiscal year.
The company’s formulation exports generated total revenue of Rs 792 crore during the quarter, compared to Rs 283 crore in Q2 last year. The domestic formulation business generated a revenue of Rs 452 crore, while the crop health science business generated a revenue of Rs 56 crore during the quarter.
As of 30 September, the company’s promoters own a 49.71% stake, DIIs (domestic institutional investors) own a 14.01% stake, and FIIs (foreign institutional investors) own a 12.82% stake.
In six months, the company’s shares have surged 26.22% against the benchmark Nifty50 index growth of 5.68% during the same period.
At 3:30 pm, the shares of Natco Pharma closed 4.44% lower at Rs 759 on NSE.