Novartis India declines after disappointing Q3 results

Image
Capital Market
Last Updated : Jan 24 2014 | 11:57 PM IST

Novartis India fell 3.61% to Rs 421.40 at 15:12 IST on BSE after net profit fell 47.5% to Rs 15.23 crore on 4.3% fall in net sales to Rs 218.54 crore in Q3 December 2013 over Q3 December 2012.

The company announced results after market hours on Thursday, 23 January 2014.

Meanwhile, the BSE Sensex was down 241.66 points, or 1.13%, to 21,132.

On BSE, so far 6,853 shares were traded in the counter, compared with an average volume of 21,020 shares in the past one quarter.

The stock hit a high of Rs 430 and a low of Rs 419 so far during the day. The stock hit a 52-week high of Rs 673 on 23 January 2013. The stock hit a 52-week low of Rs 361 on 3 September 2013.

The stock had underperformed the market over the past one month till 23 January 2014, sliding 6.74% compared with the Sensex's 1.29% rise. The scrip had, however, outperformed the market in past one quarter, rising 9.74% as against Sensex's 2.92% rise.

Also Read

The small-cap company has an equity capital of Rs 15.98 crore. Face value per share is Rs 5.

Novartis India said that reduction in the selling prices of some key products arising out of the notification of the new Drug Price Control Order continued to have a significant adverse impact on the revenue and operating profits of the company. Depreciation of the rupee further impacted profits, the company said in a statement.

Novartis India's total income from operations fell 3.92% to Rs 224.64 crore in Q3 December 2013 over Q3 December 2012.

The company's pharmaceuticals business recorded 11.69% decline in total income from operations to Rs 142.90 crore in Q3 December 2013 over Q3 December 2012.

The generics business recorded 1.91% rise in total income from operations of Rs 16 crore in Q3 December 2013 over Q3 December 2012.

The animal health business registered 17.08% rise in total income from operations of Rs 28.10 crore in Q3 December 2013 over Q3 December 2012.

OTC business recorded 16.72% rise in total income from operations of Rs 37.70 crore in Q3 December 2013 over Q3 December 2012.

Powered by Capital Market - Live News

More From This Section

First Published: Jan 24 2014 | 3:16 PM IST

Next Story