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Hyderabad-based Natco Pharma has slipped nearly 3% at Rs 1,390 on the BSE after reporting a 52% decline in consolidated net profit at Rs 14.34 crore for the quarter ended December 2014. The decline was a result of a Rs 15.13-crore payment to a pharma company towards ‘settlement pending legal dispute’ during the quarter.
Net profit stood at Rs 29.88 crore for the same quarter previous year. The settlement payout, which figured as an exceptional item in the company’s profit and loss account, comes on top of a flat quarter in terms of revenues.
Total income was almost flat at Rs 202.80 crore as compared with Rs 204.63 crore in the year ago period on account of a significant fall in revenues from formulations. Expenditure increased 1.87%to Rs 160.08 from Rs 157.14 due to rise in employee costs.
The stock opened at Rs 1,388 and touched a low of Rs 1,362 on the BSE. Nearly 35,000 shares changed hands on the counter till 1020 hours on the NSE and BSE.
