Novartis India announces results for 1st Quarter

Financial results for the quarter were adversely impacted by significant rupee depreciation and slowdown in sales due to reduction in trade stocks after notification of the new Drug Price Control Order in May 2013

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Novartis India Limited approved results for the quarter ended 30 June 2013. In the period under review, total income from operations of Rs 223.1 crore registered a growth of 1.6% over the corresponding quarter of the previous year.

During the quarter under review, core business, Pharmaceuticals recorded total income from operations of Rs 162.8 crore, the generics business registered total income from operations of Rs 15 crores. The animal health business registered total income of Rs 25.6 crores. 

The report declared profit before tax was Rs 22.2 crore. After providing for tax of Rs 8.4 crore, profit after tax stood at Rs 13.9 crore. The expanded scope of drug price control is likely to have a significant impact on both revenue and profitability of the company.

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