Chennai, Oct 28 (IANS): Diversified product company TTK Healthcare Ltd closed the second quarter of FY23 with a higher net profit of Rs 7.91 crore.

In a regulatory filing, TTK Healthcare said it closed the second quarter of FY23 with a revenue of Rs 169.79 crore and a net profit of Rs 7.91 crore from continuing operations.

For the previous year corresponding period, the company had earned a revenue of Rs 150.47 crore and a net profit of Rs 3.74 crore.

The company makes diversified products like Woodward's Gripe Water, heart valves, condoms, knee and hip replacement products, cosmetics and others.

According to TTK Healthcare, during the first quarter of the current fiscal, the necessary formalities for transfer of the Human Pharma Division were completed.

The Division stands transferred as a going concern on slump sale basis for a consideration of Rs 805 crore (final consideration of Rs 802.81 crore after working capital and other customary adjustments) to BSV Pharma Private Ltd (BSV) with effect from May 9 this year.

The consideration for the transfer is 74 per cent in cash (Rs 594.42 crore) and 26 per cent stake in BSV Pharma.

The terms of transfer also provide for purchase of the aforesaid 26 per cent equity shares in BSV Pharma by Bharat Serums and vaccines or its nominees, after they obtain necessary regulatory clearances at the issue price.