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Dolat Capital Report
Natco Pharma Ltd.'s revenues stood at Rs 4.3 billion (below estimate), grew by 14.6% YoY, but declined by 51.2% QoQ.
Ebitda stood at Rs 953 million (below est), grew by 35.2% YoY but declined by 75.9% QoQ. Ebitda margin at 22.1%, expanded 336 bps YoY but declined 2263 bps QoQ.
Profit after tax at Rs 568 million (below est), declined 12.75%/82.3% YoY/QoQ.
Natco Pharma sequential decline in earnings was due to minimal profit share associated with gRevlimid sales in the U.S., which was majorly booked in Q1 FY23.
However domestic formulation has improved and showed sequential growth.
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