The Hindu Business Line : Novartis Q4 net down 10%

Mumbai, May 9 Novartis saw a 10 per cent drop in its net profit for the quarter ended March 31, 2008, at Rs 21.5 crore against Rs 23.87 crore in the same period of the previous year. The company’s sales for the quarter under review stood at Rs 130.5 crore (Rs 123.86 crore).

Reduction in the price of anti-convultion medicine Tegrital by the Government and increased competition on key brands impacted Novartis’ overall sales growth, a note from the company said.

After providing for income tax, profit after tax stood at Rs 97 crore for the year ended March 31, 2008 against the net profit of Rs 89 crore during the previous year, the company said. During the year under review, the company’s sales of Rs 553 crore saw a marginal increase over sales of Rs 542 crore, clocked in the last fiscal.

Segment-wise sales

During this period, Novartis’ pharmaceuticals business registered sales of Rs 387 crore representing a marginal growth of 1 per cent over the previous year. Generics grew a little over 6 per cent with sales of Rs 46 crore. Animal health sales at Rs 42 crore grew by 18 per cent largely due to marketing initiatives and resurgence in the poultry market, a Novartis note said. However, the OTC business faced increased pressure and registered sales of Rs 78 crore, a decline of 1.4 per cent.

Novartis’ board of directors also recommended a dividend of 200 per cent (Rs 10/equity share of Rs 5 each). Novartis’ shares were down over 2 per cent on the BSE at Rs 307.30.

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