Drug firm Novartis India today reported a 63.13 per cent decline in its net profit to Rs 7.03 crore for the quarter ended June 30, mainly impacted by down stocking in trade channels due to GST.
The company had posted a net profit of Rs 19.07 crore for the corresponding period of the previous fiscal, Novartis India said in a BSE filing.
Total income of the company stood at Rs 135.70 crore for the quarter under consideration, as against Rs 192.53 crore in the same period a year ago.
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"Revenue from operations and profit before tax for the quarter ended June 30, 2017 were impacted due to down stocking in trade channels in anticipation of the GST regime," Noavrtis India said.
Shares of Novartis India today closed at Rs 660.55 per scrip on BSE, up 0.28 per cent from its previous close.
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