Natco net plunges 71% to Rs 1.1cr

City-based Natco Pharma Limited has recorded a 71.42 per cent fall in its net profit at Rs 1.1 crore for the fourth quarter ended March 31, 2004, as compared to Rs 3.85 crore in the corresponding quarter ended March 31, 2003.

The total income during the just concluded fourth quarter was, however, up 27 per cent at Rs 42.76 crore as compared to Rs 33.68 crore in the last quarter of the year 2002-03.

The net sales rose by 46 per cent to Rs 36.24 crore from Rs 24.8 crore, while the other income slid by 26.6 per cent to Rs 6.52 crore from Rs 8.88 crore.

For the financial year 2003-04, the company saw its net profit shoot up by 154 per cent to Rs 13.08 crore from Rs 5.15 crore net profit in 2002-03. The total income rose by 28.33 per cent to Rs 153.82 crore from Rs 119.86 crore.

The company said in a press release that both the business segments "� active pharmaceutical ingredients (APIs) and finished dosage formulations "� had driven the growth.

The revenues from APIs grew from Rs 61.83 crore to Rs 76.61 crore, a growth rate of 24 per cent. The formulations segment contributed Rs 58.88 crore during the year ended March 31, 2004, an increase of 64 per cent over Rs 35.81 crore in the previous fiscal.

The contract manufacturing division earned an income of Rs 9.54 crore. The company expects to improve its performance during the year 2004-05 with new launches being planned and regulatory approvals being received.

The company wrote off Rs 5.2 crore on account of non-recoverable debts and advances and provided for a minimum alternate tax of Rs 92 lakh. Interest costs were brought down by 10.75 per cent to Rs 12.78 crore from Rs 14.32 crore.