Natco Pharma Sells Telangana Property for Rs 1.15 billion

29 Nov 2024 CW Team

Pharmaceutical company Natco Pharma announced that it had completed the sale of approximately 14.38 acre (72,358 square yards) of land in Ranga Reddy district, Telangana, for Rs 1.15 billion, including infrastructure costs.

In a regulatory filing, the company stated that it had sold land with clear and marketable titles, measuring approximately 14.38 acre (72,358 sq. yards), located at Mekaguda Gram Panchayat, Nandigama Mandal, Ranga Reddy District, Telangana, India, for a total consideration of Rs 1.15 billion, which included certain infrastructure costs.

Natco Pharma clarified that the land and building sold were not part of its operational assets, and the transaction would not affect its business operations.

The company further emphasized that since no business activities were conducted on the land and building sold, the sale would not impact its operations. It also noted that the sale did not constitute the transfer of an undertaking or a substantial portion of the company's operations.

Additionally, Natco reported an 83 per cent increase in its net profit for the September quarter, reaching Rs 6.76 billion compared to Rs 3.69 billion during the same period the previous year. Revenue also rose by 33 per cent, reaching Rs 13.71 billion, up from Rs 10.31 billion in the corresponding quarter of the previous fiscal year.

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