BackNovartis India’s net profit dips 2.17%
Profit for the quarter ended on 31 March dipped to `23.88 crore due to adverse impacts of the new drug pricing policy
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New Delhi: Drug firm Novartis India on Thursday reported 2.17% dip in its net profit to ₹ 23.88 crore for the quarter ended on 31 March due to adverse impacts of the new drug pricing policy.
The company had posted a net profit of ₹ 24.41 crore for the corresponding period of the previous fiscal.
Its total income from operations stood at ₹ 200.57 crore for the quarter under consideration as against ₹ 212.59 crore in the corresponding period.
“Reduction in the selling prices of some key products arising out of the notification of the new Drug Prices Control Order had a significant impact on the revenues and operating profits of the company. Depreciation of the rupee further impacted the profits," Novartis India said in a statement.
For the fiscal ended on 31 March, the company’s net profit declined to ₹ 98.53 crore from ₹ 119.73 crore in the corresponding period.
The company’s total income from operations stood at ₹ 862.23 crore for the fiscal ended on 31 March. It was ₹ 903.36 crore in the year-ago period.
In a filing to BSE, Novartis India said its board has approved dividend recommendation of ₹ 10 per equity share of ₹ 5 each for the year ended on 31 March 2014. Shares of Novartis India on Thursday closed at ₹ 475.05 apiece on BSE, up 0.61% from previous close.
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