NATCO Pharma board to consider agrochemicals demerger on March 24

NATCO Pharma Ltd said on Wednesday its board will meet on March 24 to consider a scheme of arrangement to demerge its agrochemicals division into its wholly-owned subsidiary, Natco Crop Health Sciences Ltd, on a going concern basis.

The company also said the trading window for dealing in its securities will remain closed between March 19-26, and will reopen on March 27, in line with insider trading regulations.

Last month, the company secured the Central Drugs Standard Control Organisation (CDSCO) nod for its semaglutide injection. It now plans to launch the product in the Indian markets in March this year. 

For the third quarter of the current financial year, the company reported a 14.3% year-on-year (YoY) increase in consolidated net profit to ₹152 crore, up from ₹133 crore in the year-ago period. The growth was aided by higher contribution from export formulations and other operating income.

Also Read: Zydus, Torrent team up to sell diabetes and weight-loss injection in India

Revenue from operations rose 36.3% to ₹647.3 crore from ₹474.8 crore.

Shares of the company ended ₹957.90 apiece, up 1.59% on Wednesday, March 18.

Also Read: Ahluwalia Contracts wins ₹393 crore order to build new airport in Rajasthan