Natco Pharma board OKs multiple divestment proposals

2 Sep 2022 , 01:52 PM

Nativita is a company registered under the Companies Law of the Republic of Belarus. Pharmasyntez-Nord Joint Stock Company is a legal entity under the laws of the Russian Federation. The aforementioned transaction is subject to the approval of the statutory and regulatory authorities. Further, the drug makers board has approved a proposal to assign the leasehold land wherein the companys pharma division is situated at Dehradun, Uttarakhand, and sell the buildings, plant, machinery and fixtures constructed and/or installed there to Odon Lifesciences for Rs 15.73 crore. The sale is subject to the approval of State Infrastructure and Industrial Development Corporation of Uttarakhand (SIIDCUL), other statutory and regulatory authorities. The Uttarakhand-based unit, set up in 2005, contributed Rs 66.05 crore in turnover comprising 3.55% standalone turnover and Rs 11.84 crore net-worth comprising of 0.28% to the net-worth of the company during the financial year 2021-22. ?There will be no impact on turnover and profitability, as these products are moved to the other units of the company,? Natco Pharma said in a statement. Natco Pharma is a vertically integrated and R&D focused pharmaceutical company engaged in developing, manufacturing and marketing of finished dosage formulations (FDF) and active pharmaceutical ingredients (APIs). It markets and distributes products in over 40 countries. On a consolidated basis, net profit of Natco Pharma rose 327.20% to Rs 320.40 crore on 115.60% increase in net sales to Rs 884.60 crore in Q1 June 2022 over Q1 June 2021. Shares of Natco Pharma fell 0.37% to currently trade at Rs 612.85 on the BSE. Powered by Capital Market – Live News