Net income for the period showed a marginal increase of 0.69 per cent from Rs 143.8 crore in the previous year quarter to Rs144.8 crore, as per the unaudited results.
Net profit for the year ended 31 March 2008 increased by 9.83 per cent to Rs 97.2 crore, from Rs 88.5 crore posted in the corresponding previous year period. Total income for the year stood at Rs 612.3 crore, 3.37 per cent higher than the Rs 592.3 crore for the corresponding previous year.
Company sources reasoned that reduction in price of its anti convultion medicine Tegrital (carbamazepine), by the government and increased competition for key brands impacted overall sales growth.
During this period, pharmaceuticals business registered sales of Rs 387 crore, representing a marginal growth of one per cent over the previous year. Generics business grew by 6.4 per cent over previous period with sales of Rs 46 crore. Animal Health sales at Rs 42 crore grew by 18.1 per cent over the previous year, which was mainly due to various marketing initiatives by the business and resurgence in the poultry market.
More From This Section
However, the over the counter (OTC) business, which faced increased pressure in the market, registered sales of Rs 78 crore with a decline of 1.4 per cent, said a company release.
The Board of Novartis India Limited approved results for the financial year ended 31 March 2008 and recommended that dividend of 200 per cent (Rs 10 per equity share of Rs 5 each).
Share prices of Novartis India went down by 2.20 per cent today at the Bombay Stock Exchange(BSE), to Rs 307.30 at close of trading.