Novartis India Q4 PAT tumbles 65% YoY to Rs 7 cr

Novartis India's net profit dropped 65.3% to Rs 6.78 crore on 15.1% fall in net sales to Rs 93.70 crore in Q4 March 2020 over Q4 March 2019.

Standalone profit before tax (PBT) tanked 58.2% to Rs 13.55 crore in Q4 March 2020 as against Rs 32.38 crore in Q4 March 2019. Current tax expenses slumped 37.5% to Rs 6.99 crore in Q4 March 2020 as against Rs 11.99 crore in Q4 March 2019. The Q4 result was released at the fag end of market hours on Friday, 19 June 2020.

The board recommended a final dividend of Rs 10 per equity share each for the year ended 31 March 2020.

Shares of Novartis India declined 1.16% to Rs 602.25 on BSE. On the technical front, the stock's RSI (relative strength index) stood at 57.105 on Friday, 19 June 2020. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 585.78 and its 200-day moving average (DMA) placed at 617.62.

Novartis India manufactures drugs, medicines and allied products. The firm is engaged in the wholesale of pharmaceuticals and medical goods. The company focuses on over three divisions, including pharmaceuticals, eye care and generic medicines.

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