Novartis Q1 net profit drops 28% to Rs 27 crore

Drug firm Novartis India said its net profit declined by 28.18 percent to Rs 26.98 crore for the first quarter ended June 30, 2012, over the same period of previous fiscal.

The company had posted a net profit of Rs 37.57 crore during the same period of previous financial year, Novartis India said in a BSE filing.

[caption id=“attachment_390492” align=“alignleft” width=“380”]  Reuters[/caption]

Net sales of the company for the first quarter rose to Rs 219.52 crore as against Rs 200.13 crore during the same period of last financial year. During the quarter under review, the company’s pharmaceutical business grew by 12.1 per cent to Rs 162 crore, as against Rs 144.5 crore.

The company’s animal health business posted revenues of Rs 21.9 crore for the first quarter ended June 30, as against Rs 19.6 crore during the same period of previous fiscal. Shares of Novartis India were trading at Rs 699.70 on the BSE in the afternoon trade, up 0.65 percent from previous close.

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