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Novartis posts lower sales in third quarter

Novartis posts lower sales in third quarter
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First Published: Fri, Jan 25 2008. 11 51 PM IST
Updated: Fri, Jan 25 2008. 11 51 PM IST
Mumbai: The Indian arm of the Swiss drug maker Novartis AG, Novartis India Ltd, posted marginal growth in net profit at Rs22.5 crore during the October-December quarter of 2007, against Rs21.1 crore of the year-ago quarter.
Sales during the quarter dropped to Rs90.32 crore from Rs97.4 crore of the previous corresponding quarter. However, other income of Rs4.3 crore on account of sale of residential premises and a few other items helped the company. A company release said the continued impact of drug price control affected its sales during this quarter. Shares of the company closed at Rs330, up 2.76% on BSE.
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First Published: Fri, Jan 25 2008. 11 51 PM IST