Novartis India Q2 profit up 18% at Rs26 crore
Novartis India announced the resignation of its vice chairman and managing director Ranjit Shahani with effect from 28 February 2018
New Delhi: Drug firm Novartis India on Friday reported a 17.60% rise in its net profit to Rs26.12 crore for the quarter ended 30 September 2017.
The company had posted a net profit of Rs22.21 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to the BSE.
In a separate filing, the company announced the resignation of its vice chairman and managing director Ranjit Shahani with effect from 28 February 2018.
Shahani informed the board of directors at a meeting held on Friday of his decision to step down from the office of vice chairman and managing director effective 28 February 2018 (close of business hours) after 20 years of distinguished service with the company, the statement said.
Total income of the company, however, stood at Rs192.75 crore for the quarter under consideration. It was Rs194.21 crore for the same period a year ago, Novartis India said.
Shares of Novartis India Ltd on Friday closed at Rs644.90 per scrip on the BSE, up 1.34% from its previous close.
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