Drug firm Novartis India today reported a sharp decline in standalone net profit at Rs 2.91 crore for the fourth quarter ended March 31, hit by reduction in product prices.
The company had posted a net profit of Rs 22.83 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to BSE.
The profit was hit as the company has had a substantial impact on account of reduction in prices of products covered under the National List of Essential Medicines (NLEM), a company spokesperson told PTI.
Standalone total income of the company stood at Rs 160.30 crore for the quarter under consideration. It was Rs 187.19 crore for the same period a year ago.
For the entire fiscal ended March this year, the net profit of the company stood at Rs 57.22 crore. It was Rs 198.29 crore a year ago.
Company's total income for the fiscal year ended March 31, 2017 was at Rs 726.38 crore as against Rs 770.78 crore for 2015-16.
In a separate filing, Novartis India said its board has recommended a dividend of Rs 10 per share for the financial year ended March 31, 2017.
Shares of Novartis India today closed at Rs 655.90 per scrip on BSE, down 1.11 per cent from its previous close.
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