Novartis India has registered lower net profit of Rs.13.03 crore during the third quarter ended December 2016 as compared to Rs.58.43 crore in the similar period of last year.
The lower profit is mainly due to divestment of its animal health business in the previous period. The company has shown other income of Rs.81.59 crore during quarter ended December 2015 which included Rs.60.49 crore from divestment of animal health business. Its net sales also declined by 15.4 per cent to Rs.154.35 crore from Rs.183.42 crore. With lower net profit, EPS declined to Rs.4.77 from Rs.18.28 in the last period.
For the nine months ended December 2016, Novartis' net sales declined by 22.3 per cent to Rs.475.53 crore from Rs.612.29 crore in the same period of last year. Its net profit went down by 69 per cent to Rs.54.31 crore from Rs.175.46 crore. Its other income in the first nine months ended December 2015 increased to Rs.231.31 crore which included Rs.169.63 crore from divestment of animal health business and OTC business.
Novartis scrip is currently moving around Rs.675 with market capitalization of Rs.1,913 crore on BSE.
Novartis india, net dwindles, q3
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