Novartis India announces results for the quarter and year ended March 31, 2017
May 24, 2017
Full year profits from continuing operations severly impacted by price controls
Board recommends dividend of ₹10 per equity share of ₹ each
At a meeting held in Mumbai today, the Board of Novartis India Limited approved results for the quarter and financial year ended March 31, 2017 and recommended dividend of ₹10 per equity share of ₹5 each.
During the quarter under review, Total Income was ₹160.3 crore in comparison to ₹187.2 crore recorded in the previous corresponding quarter.
Total Comprehensive Income for the quarter under review was ₹4.9 crore as against ₹21.6 crore in the previous corresponding quarter.
During FY 2016-2017 Total Income stood at ₹726.4 crore in comparison to ₹770.8 crore recorded in the previous corresponding period.
During the year ended under review, profit before tax from continuing operations was ₹ 91.7 crore as against profit of ₹ 111.4 crore in the previous corresponding period. Profit was impacted as the Company has had a substantial impact on account of reduction in prices of products covered under NLEM.
Total Comprehensive Income for FY 2016-2017 was ₹ 57.7 crore as against ₹ 198.6 crore in the previous corresponding full year period. Previous corresponding period FY 2015-2016 includes Profit of ₹ 125.8 crore from discontinued operations of OTC division and Animal Health division.
Issued by Corporate Communications on May 23, 2017