Novartis India Q3 net dips 5.30% to Rs 38.35 cr | business | Hindustan Times
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Novartis India Q3 net dips 5.30% to Rs 38.35 cr

Novartis India on Monday said its net profit for the third quarter ended December 31, 2011 declined by 5.30% to Rs 38.35 crore over the same period last fiscal due to rupee depreciation.

business Updated: Jan 30, 2012 15:05 IST

Novartis India on Monday said its net profit for the third quarter ended December 31, 2011 declined by 5.30% to Rs 38.35 crore over the same period last fiscal due to rupee depreciation.

The company had posted a net profit of Rs 40.50 crore for the quarter ended December 31, 2010 Novartis India said in a filing to BSE.

Net sales of the company for the quarter ended December 31, 2011 stood at Rs 209.59 crore as against Rs 184.04 crore for the corresponding period previous fiscal.

"An unprecedented depreciation in the value of rupee impacted the financial results of the quarter under review," it added.

During the quarter under consideration, the company recorded higher sales in all the segments led by core segment of pharmaceuticals, which recorded sales of Rs 142.2 crore as against Rs 124.9 crore for the same in the corresponding period last fiscal.

The company said its generics business recorded sales of Rs 12.7 crore during the quarter as against Rs 11.9 crore in the year-ago period.

Animal health business posted sales of Rs 20.7 crore during the period under review as against Rs 18.8 crore in the same quarter last fiscal, while the OTC business registered sales of Rs 34.1 crore as against Rs 28.5 crore in the same period last fiscal, it added.

Scrips of Novartis India were on Monday trading at Rs 653.10 per share in the afternoon trade on BSE, down 0.08% from its previous close.