New Delhi, June 17 (PTI) Drug firm Natco Pharma on Wednesday reported a 22.59 per cent decline in its consolidated net profit at Rs 93.2 crore for the quarter ended March 31, 2020.
The company had posted a net profit of Rs 120.4 crore for the corresponding period of the previous fiscal, Natco Pharma said in a BSE filing.
Consolidated total income of the company for the quarter under consideration stood at Rs 477.2 crore for the quarter under consideration. It was Rs 486.7 crore for the same period a year ago, it added.
For the fiscal year ended March this year, the net profit of the company was at Rs 458.1 crore as against Rs 642.4 crore for the previous fiscal year, Natco Pharma said.
The company’s total income for the financial year ended March 2020 stood at Rs 2,022.4 crore. It was Rs 2,224.7 crore for the year-ago fiscal, it added.
“The overall decline in revenue and profits, from the prior year, was primarily due to the continued decline in Hepatitis C product portfolio and to an extent in the oncology segment due to pricing pressures. The company also faced a slowdown in business operations during the fourth quarter due to supply chain issues amid COVID-19 concerns, which were subsequently resolved,” Natco Pharma said.
Natco Pharma said its board has recommended a fourth interim dividend of Re 1 per equity share of Rs 2 each, resulting in a total dividend payout of Rs 6.75 per equity share for the year.
Shares of Natco Pharma closed at Rs 612.35 per scrip on the BSE, down 4.20 per cent from its previous close.