PAT slips 5% in third quarter
An unprecedented depreciation in the value of the rupee has impacted Novartis India's financial performance for the third quarter ended December 31, 2011, the company said.
The company's profit after tax stood at Rs 38 crore for the quarter under review, down five per cent from Rs 40 crore, registered in the corresponding period of the previous year.
Novartis, however, saw a 14 per cent increase in its sales during the said three months, at Rs 209.6 crore. Its core pharmaceuticals business recorded sales of Rs 142 crore compared with Rs 124 crore in the same period last year. The generic drugs business saw a sales of Rs 12 crore against Rs 11 crore in the previous year and its animal health business clocked revenues of Rs 20 crore against Rs 18 crore in the previous year. Its over-the-counter business registered sales of Rs 34 crore compared with Rs 28 crore in the corresponding period last year.