Novartis net falls 9.66% to Rs 21.5 crore

Net income for the period showed a marginal rise of 0.69 per cent to Rs144.8 crore from Rs 143.8 crore in the previous year quarter, as per the unaudited results.

Net profit for the year ended 31 March 2008 grew by 9.83 per cent to Rs 97.2 crore, from Rs 88.5 crore last year. Total income for the year stood at Rs 612.3 crore, 3.37 per cent higher than the Rs 592.3 crore for the corresponding previous year.

Company sources said that reduction in price of its anti-convultion medicine, Tegrital (carbamazepine), by the government and increased competition for key brands impacted overall sales growth.

During this period, pharmaceuticals business registered sales of Rs 387 crore, posting a marginal growth of one per cent over the previous year. Generics business grew by 6.4 per cent over previous period with sales of Rs 46 crore.

Animal health sales at Rs 42 crore grew by 18.1 per cent over the previous year, which was mainly due to various marketing initiatives by the business and resurgence in the poultry market.

However, the over-the-counter (OTC) business, which faced higher pressure in the market, posted sales of Rs 78 crore with a decline of 1.4 per cent, the company said.

The board of director of the company declared a dividend of 200 per cent, Rs 10 per equity share of Rs 5 each.