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 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.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app