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Dolat Capital Report
Natco Pharma Ltd.’s revenue grew by 116%/48% YoY/QoQ in Q1 FY23 to Rs 8.8 billion (in-line). Ebitda grew 260% YoY to Rs 3.95 billion (in-line), and Ebitda margin at 44.7% expanded by 1793 bps YoY.
Natco Pharma's profit after tax of Rs 3.2 billion (above our estimate) grew 327% YoY on lower than expected taxes and higher other income.
Robust growth in revenue and profits were mainly driven by gRevlimid sales in the U.S. market.
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