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Drug-maker Novartis said that its financial performance in the last three quarters continued to take a hit because of the Government’s revised price control order.
Reduction in the selling prices of some key products arising out of the notification of the Drug Price Control Order continues to have a significant adverse impact on the revenue and operating profits of the company, Novartis said, announcing its financial performance for the quarter ended December 31, 2013.
Depreciation of the rupee further impacted profits, it added.
During the quarter under review, profit after tax stood at ₹15 crore, down 48 per cent from ₹29 crore, registered in the previous period, ended December 31, 2012.
The company’s total income from operations was marginally lower at ₹224 crore compared with ₹233 crore recorded in the previous corresponding quarter.
Novartis’ core business, pharmaceuticals recorded a total income of ₹142 crore for the period under review compared with ₹161 crore in the previous corresponding quarter.
The generics business recorded revenues of ₹16 crore against ₹15.7 crore.
Animal health business registered a total income from operations of ₹28 crore during the period under review compared with ₹24 crore in the corresponding period last year.
Its over-the-counter business recorded revenues of ₹37 crore against ₹32 crore in the previous corresponding quarter, a note from the company said.
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