Novartis India Q4 net up 2 folds at Rs 51.94 cr

Pharmaceuticals firm Novartis India today reported over two-fold increase in standalone net at Rs 51.94 crore for the fourth quarter ended March 31, 2015.
The company had posted a standalone net profit of Rs 23.88 crore in the same quarter previous fiscal, Novartis India said in a filing to the BSE.
Net sales during the quarter under review stood at Rs 202.38 crore as against Rs 193.03 crore in the same period previous fiscal, up 4.84 per cent, it added.
The company said its board of directors have recommended dividend of Rs 10 per equity share of Rs 5 each.

During the quarter under review, the company said its core pharmaceutical business recorded a total income of Rs 144.4 crore as against Rs 137.7 crore in the year-ago period.
The animal health business registered a total income of Rs 24.6 crore as against Rs 21 crore in the corresponding quarter previous fiscal, it added.

For the fiscal ended March 31, 2015 the company's standalone net profit was at Rs 79.11 crore as against Rs 98.53 crore in the previous year, down 19.7 per cent.
Standalone net sales for the fiscal were at Rs 845.29 crore as against Rs 839.78 crore a year-ago.

Novartis India said its proposed sale of animal health division to Elanco India for Rs 86.68 crore, as part of parent Novartis AG and Eli Lilly's global agreement, has been held up due to non-approval by the Foreign Investment Promotion Board (FIPB) due to "the existence of restrictions on competition".
Subsequently, the company and Elanco India have now agreed that the "terms of global animal health transaction agreed between Novartis AG and Lilly restricting the competition by Novartis AG Group of companies in connection with animal health activities will not apply with respect to the company vis-a-vis Elanco India in India."

Novartis India said the non-compete amendment letter will be submitted to the FIPB together with a representation against FIPB's non-approval of Elanco India's application for the animal health transaction.
"The company will continue to cooperate with Elanco India to the extent necessary ad monitor the FIPB process in this matter..," it added.
Shares of Novartis India ended the day at Rs 629.85 per scrip, 3.15 per cent from the previous close the BSE.