Natco Pharma – Imminent Growth Cycle (?)

Three points:

1. Unless my memory fails, i think there was covid inventory write-off and other issues (court case preventing crop division related product sales) that impacted Q4 FY22 which is not the case in Q4 FY23
2. Contribution of Revlimid for Q1 needs to be checked. At most that contribution will repeat in Q2 but not in Q3 and Q4.
3. Crop division sales is due to inventory pushed to vendors or actual demand on ground needs to be seen

So results in that sense are not strictly comparable Y-o-Y unless one does the adjustments. having said that, it is good to see crop division scaling up and contributing and also focus on expanding to other markets.

But in the end as they say “Bhaav Bhagwan Che”. Would be interesting to see how Market perceives the result and what price it is willing to give!