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Drug-maker Novartis said that its profit after tax dipped by 49 per cent at Rs 13.9 crore for the first quarter ended June 30 compared with Rs 27 crore in the corresponding period of the previous year. Financial results for the quarter were adversely impacted by significant rupee depreciation and slowdown in sales due to reduction in trade stocks after notification of the new Drug Price Control Order in May 2013, Novartis said.
The expanded scope of drug price control is likely to have a significant impact on both revenue and profitability of the company. Necessary steps are being taken to reduce the adverse impact, it added. The company’s total income from operations stood at Rs 162.8 crore in the first quarter compared with Rs 162 crore in the corresponding period last year.
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