Pharmaceutical company Natco Pharma Ltd on Wednesday (November 27) said it has completed the sale of approximately 14.38 acres (72,358 square yards) of land in Ranga Reddy district, Telangana, for ₹115.57 crore, including infrastructure costs.
“…we hereby inform you that the company has sold clear and marketable titles of land admeasuring approximately 14.38 Acres i.e., 72,358 sq. yards (hereinafter referred to as Immovable Property”) located at Mekaguda Gram Panchayat, Nandigama Mandal, Ranga Reddy District, Telangana, India for a total consideration of Rs 115.57 crore including certain infrastructure cost,” Natco Pharma said in a regulatory filing.
The company confirmed that the land and building sold were not part of its operational assets and that the transaction will not impact its business operations.
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“As no business operations of the company are carried out on the said land and building being sold, the said sale will not have any impact on the business operations of the company. Further, the sale of the said Property does not constitute as an undertaking or substantially the whole of the undertaking for the company,” the pharma company said.
Natco reported an 83% jump in its net profit at ₹676.5 crore for the September quarter over ₹369 crore during the same period last year. Revenue increased by 33% to ₹1,371 crore compared to ₹1,031 crore in the same quarter last fiscal.
Natco Pharma’s earnings before interest, tax, depreciation and amortisation (EBITDA) surged 75.7% to ₹804.2, while the margin expanded on a year-on-year basis to 58.66% from 44.40% in the year-ago quarter.
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The growth during the second quarter was driven by a strong performance in the export formulation business and a stable domestic pharma business. Shares of Natco Pharma Ltd ended at ₹1,351.10, down by ₹4.55, or 0.34%, on the BSE.
(Edited by : Shoma Bhattacharjee)
