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Novartis India net profit dips 64% to Rs 9.37 crore in Q2

Devdiscourse News Desk new delhi Last Updated at 13-11-2018 18:26:20 IST India

Drug firm Novartis India Tuesday reported a 64.12 per cent dip in its net profit to Rs 9.37 crore for the quarter ended September 30, 2018.

The company had posted a net profit of Rs 26.12 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to the BSE.

Revenue from operations of the company stood at Rs 106.58 crore for the quarter under consideration. It was Rs 167.65 crore for the same period year ago.

Consequent to notices during the quarter from Drugs Licensing Authority, Daman to the supplier of a product, the company has suspended the sale of the product. The supplier has contested the notices and the matter is sub-judice, Novartis India said.

Further, the company has made a provision of Rs 16.34 crore for expected accelerated sales returns and stocks, relating thereto. This has impacted results for the quarter and six months ended September 30, 2018, it added.

Shares of Novartis India closed at Rs 746.05 per scrip on BSE, up 0.53 per cent from their previous close.

(With inputs from agencies.)

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