Novartis India Q3 net down 47% at Rs 15 crore

Pharmaceutical firm Novartis India today reported 47.48 per cent decline in its standalone net profit at Rs 15.23 crore for the third quarter ended December 31, 2013.

The company had posted a standalone net profit of Rs 29 crore in the year-ago quarter, Novartis India said in a fling to the BSE.

Net sales during the quarter under review stood at Rs 218.54 crore as against Rs 228.45 crore in the same period last fiscal, it added.

The company said the new Drug Price Control Order (DPCO) continues to have a significant adverse impact on its revenue and operating profits due to reduction in selling prices of some key products.

Depreciation of rupee further impacted profits, it added.

During the quarter, the core business -- pharmaceuticals, recorded total income from operations of Rs 142.9 crore during the quarter, while that of generics business stood at Rs 16 crore.

The animal health business posted a total income from operations of Rs 28.1 crore and that of OTC business was at Rs 37.7 crore during the quarter, it added.

Shares of Novartis India ended the day at Rs 437.20 per scrip, down 0.84 per cent from the previous close on the BSE.