Novartis India Q4 Net Dips 2 Per Cent to Rs 23.88 Crore

Drug firm Novartis India on Thursday reported a 2.17 per cent dip in net profit at Rs 23.88 crore for the quarter ended March, due to adverse impacts of the new drug pricing policy.

The company had posted a net profit of Rs 24.41 crore for the corresponding quarter a year ago.

Total income from operations during the quarter under review stood at Rs 200.57 crore as against Rs 212.59 crore a year ago.

"Reduction in the selling prices of some key products arising out of the notification of the new Drug Prices Control Order had a significant impact on the revenues and operating profits of the company. Depreciation of the rupee further impacted the profits," Novartis India said in a statement.

For the fiscal ended March 31, the company's net profit declined to Rs 98.53 crore as compared to Rs 119.73 crore in the previous fiscal year.

Total income from operations stood at Rs 862.23 crore for the fiscal year ended March 31. It was Rs 903.36 crore a year ago.

Novartis India said in a filing to the BSE that its board has approved a dividend recommendation of Rs 10 per equity share of Rs 5 each for the year ended March 31, 2014.

Shares in Novartis India, on Thursday, ended at Rs 475.05 apiece on the BSE, up 0.61 per cent from the previous close.