The Hindu Business Line : Novartis Q1 net profit up 30%

Mumbai, July 15 Increased sales and other income, coupled with strict cost control contributed to a 30 per cent boost in Novartis’ bottomline. The company’s profit after tax for the first quarter ended June 30, 2008 stood at Rs 29.6 crore (Rs Rs 22.8 crore). Total sales rose 11 per cent at Rs 153.7 crore.

During the three months under review, Novartis’ core pharmaceuticals business posted sales of Rs 105.2 crore, a growth of about 10 per cent over the corresponding previous period, a note from the company said. This was due to higher sales of key brands during the period under review, it added.

The generic drugs business recorded sales of Rs 18.7 crore, up 33 per cent. This was on the back of tender sales, the note said.

Animal health with sales of Rs 11.2 crore grew close to 21 per centdue to focus on institutional sales.

However, the over-the-counter (OTC) business recorded a decline of close to six per cent with sales of Rs 18.6 crore due to competitive pressure, the company said.

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