Natco Pharma slumped 4.76% to Rs 674.80 after the company reported weak third quarter earnings after market hours yesterday.
The drug maker's consolidated net profit fell 34.5% to Rs 104.50 crore on 13.4% decline in net sales to Rs 482.20 crore in Q3 December 2019 over Q3 December 2018.
Profit before tax in the December quarter stood at Rs 128.80 crore, down by 37.1% from Rs 204.70 crore reported in the corresponding quarter last fiscal. Current tax expenses fell 39.6% to Rs 31.10 crore in Q3 December 2019 over Q3 December 2018.
The company continues to face margin pressures in its Hepatitis C portfolio. In the December quarter, revenue from the API (Active Pharmaceutical Ingredient) business fell 6.57% YoY to Rs 92.5 crore. In the formulations business, domestic income declined by 7.20% YoY to Rs 152.2 crore while the export earnings contracted by 27.74% YoY to Rs 185.7 crore. Income from foreign subsidiaries jumped 38% YoY to Rs 34.5 crore.
Natco Pharma is engaged in developing, manufacturing and marketing finished dosage formulations (FDF) and active pharmaceutical ingredients (APIs). The company's segments include active pharmaceuticals ingredient, finished dosage formulations, job works, pharmacy and others.
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