Natco Pharma Q1 net doubles to Rs 94 cr on rise in formulation sales

Company board recommends interim dividend of Rs 1.25 a equity share of Rs 2 each

Hyderabad-based Natco Pharma Limited's net profit nearly doubled at Rs 93.7 crore for the quarter ended June, 2017 as compared to Rs 47.5 crore in the corresponding period previous year on the back of a rise in formulations revenue.

The company has reported a 30 per cent jump in consolidated revenues at Rs 448.7 crore for the quarter under review as compared to Rs 345.5 crore in the year ago period.

In a separate filing, Natco Pharma said its board has recommended payment of an interim dividend of Rs 1.25 per equity share of Rs 2 each for the financial year 2017-18.

The company also said it has received resignation letters from independent director B S Bajaj and director and president R&D and Tech A K S Bhujanga Rao due to personal reasons.

Shares of Natco Pharma today closed at Rs 952.55 per scrip on BSE, up 0.35 per cent from its previous close.