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Dolat Capital Report
Natco Pharma Ltd.’s Q1 FY24 results were above our estimates on account of better than expected growth across segments.
Major drivers of business in Q1 FY24 were from formulation exports, strong growth in domestic business of both pharma and agro and steady sales from subsidiaries.
We like Natco Pharma’s focus on niche drug filings, and expect strong cash flows backed by low competitive launches.
We believe cash flows will be utilised towards inorganic opportunities, dividend payouts and research and development bio-study activities.
Maintain our 'Accumulate' rating with the revised target price of Rs 968 on SOTP basis.
Keys risks: Delay in niche approvals, higher price erosion in the U.S., Adverse pricing regulation by National Pharmaceutical Pricing Authority, adverse currency movement.
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