Drug firm Novartis India today reported a standalone net profit of Rs 21.53 crore for the quarter ended March 31, 2016.
It had posted a net profit of Rs 51.94 crore for the same period, a year ago.
The company's board today approved a buyback proposal for purchase by the company of up to 38.20 lakh shares of Rs 5 each from all existing shareholders at a price of Rs 760 per share, aggregating it to Rs 290.32 crore, Novartis India said in a filing to BSE.
The board "unanimously approved a buyback proposal for purchase by the company of up to 3,820,000 equity shares of Rs 5 each (representing 11.95 per cent of the total paid -up equity capital) from all the existing equity shareholders of the company on the record date on a proportionate basis through the 'Tender Offer' route", Novartis India said.
"The board noted the intention of the promoter of the company to participate in the proposed buyback," Noavrtis India said.
The company's standalone total income from operations stood at Rs 167.27 crore for the quarter under consideration. It was Rs 207.64 crore for the corresponding period of the previous fiscal.
"The figures for the year ended March 31, 2016 are not comparable to those of the previous year ended March 31, 2015 on account of the sale of OTC and animal health divisions," Novartis India said.
For the recently ended fiscal the company posted a net profit of Rs 198.61 crore. It was Rs 79.11 crore for the year-ago fiscal.
Standalone total income from operations for the fiscal ended March 2016 was at Rs 808.32 crore. It was Rs 873.38 crore for the previous fiscal year.
In a separate filing the company said its board has recommended dividend of Rs 10 per equity share of Rs 5 each for the year ended March 31, 2016.
Shares of Noavrtis India today closed at Rs 827.85 per scrip on BSE, up 0.71 per cent from its previous close.
