Drug firm Novartis India today reported 28.18 per cent decline in net profit at Rs 26.98 crore for the first quarter ended June 30, 2012, mainly due to increase in expenditure.
The company had posted a net profit of Rs 37.57 crore for the corresponding quarter previous fiscal.
Net sales of the company however rose to Rs 219.52 crore for the reported quarter from Rs 200.13 crore for the same period a year ago, Novartis India said in a BSE filing.
During the April-June quarter, total expenses of the company stood at Rs 201.04 crore as against Rs 162.12 crore for the first quarter previous fiscal.
Shares of Novartis India today closed at Rs 682.85 on the BSE, down 1.43 per cent from its previous close.