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Drug firm Novartis India today reported 2.17 per cent dip in its net profit to Rs 23.88 crore for the quarter ended March 31 due to adverse impacts of the new drug pricing policy.
The company had posted a net profit of Rs 24.41 crore for the corresponding period of the previous fiscal.
Its total income from operations stood at Rs 200.57 crore for the quarter under consideration as against Rs 212.59 crore in the corresponding period.
“Reduction in the selling prices of some key products arising out of the notification of the new Drug Prices Control Order had a significant impact on the revenues and operating profits of the company. Depreciation of the rupee further impacted the profits,” Novartis India said in a statement.
For the fiscal ended March 31, the company’s net profit declined to Rs 98.53 crore from Rs 119.73 crore in the corresponding period.
The company’s total income from operations stood at Rs 862.23 crore for the fiscal ended March 31. It was Rs 903.36 crore in the year-ago period.
In a filing to the BSE, Novartis India said its board has approved dividend recommendation of Rs 10 per equity share of Rs 5 each for the year ended March 31, 2014.
Shares of Novartis India today closed at Rs 475.05 apiece on the BSE, up 0.61 per cent from previous close.
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