Natco Pharma Q4 profit jumps over two fold to Rs 54 cr

Natco Pharma has reported over two-fold jump in consolidated net profit to Rs 54.44 crore for the quarter ended March 31, mainly on account of a deferred tax reversal.

It had posted a net profit of Rs 24.02 crore in the year ago period.

In a filing to the Bombay Stock Exchange on Friday, the drug maker said total income from operations rose to Rs 200.80 crore for the quarter under consideration as against Rs 183.80 crore for same period year ago.

The company had a reversal of deferred tax liability of Rs 31.17 crore during the quarter.

During 2014-15 fiscal, the company posted a net profit of Rs 134.61 crore against Rs 102.74 crore in the previous year. Total income also rose to Rs 825.27 crore during last fiscal from Rs 738.89 crore in the previous financial year.

In a separate filing to BSE, Natco Pharma said it's board approved further issuance of shares or convertible securities in the form of private placement, Qualified Institutional Placement (QIP) to Foreign Institutional Investors (FIIs), Qualified Institutional Buyers or any other investors up to Rs 450 crore.

The board also approved increase of equity investment percentage in the company by Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors etc to 49 per cent.

"Merger of Natco Organics, a 100 per cent subsidiary firm into the company has also been approved by the Board," Natco Pharma said.

Shares of Natco Pharma on Friday closed at Rs 2,295.40 per scrip on the Bombay Stock Exchange, down 0.13 per cent from it's previous close.