Novartis India slips after reporting Q2 net loss

Novartis India fell 2.72% to Rs 666.05 after the company reported a net loss of Rs 5.22 crore in Q2 September 2019 compared with net profit of Rs 9.37 crore in Q2 September 2018.

Net sales increased 10.5% to Rs 117.78 crore in Q2 September 2019 over Q2 September 2018. The result was announced at the fag end of trading hours on Friday, 8 November 2019.

For the purpose of these results. the company has elected to exercise the Option permitted u/s 115BAA of the Income- tax Act, 1961 as Introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the company has recognised provision for income tax for the half year ended 30 September 2019 and re-measured its net deferred tax assets basis the rate prescribed in the said section impacting the total tax expense for the quarter and half year ended 30 September 2019 by Rs 5.51 crore.

Meanwhile, the S&P BSE Sensex was down 32 points or 0.08% to 40,291.62. The S&P BSE Healthcare index was up 0.18% at 13,112.94.

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

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