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Drug maker Novartis India has seen a 28 per cent dip in its profit after tax for the three months ended June 30, 2012.
The company’s profit after tax stood at Rs 27 crore for the period under review compared with Rs 37.6 crore in the corresponding period of the previous year.
Profits for the quarter are down primarily because of depreciation in the rupee together with expenses on new product launches and marketing expenses, a Novartis spokesperson said.
Its total income from operations stood at Rs 219 crore, a growth of 9.7 per cent over the corresponding previous quarter.
Novartis’ core pharmaceuticals business grew by 12 per cent at Rs 162 crore in the first quarter (Q1) compared to the corresponding previous year’s Rs 144 crore.
The generics business recorded a total income Rs 15.7 crore in Q1 compared with Rs 15 crore last year; animal health stood at Rs 21.9 crore against Rs 19.6 crore in the previous year’s Q1 and the over-the-counter business recorded sales of Rs 19.9 crore, lower than Rs 21.1 crore in the period last year.
After providing for tax of Rs 12.6 crore (compared with Rs 18.4 crore last year), profit after tax stood at Rs 27 crore, the company said.
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