Novartis India, the subsidiary of Swiss pharmaceutical major Novartis AG, reported a loss of Rs. 1.2 crore for the quarter ended December 2014 against a profit of Rs. 15.2 crore in the same period of the previous year.
The company’s total income of Rs. 222.2 crore (Rs. 223.5 crore) was almost unchanged. A statement from the company said there was a significant adverse impact on the revenue and profit of the company from “the reduction in selling prices of key products arising out of the Notification of the Drug Price Control Order 2013.”
While its core business pharmaceuticals recorded a total income from operations at Rs. 149.6 crore (Rs. 142.9 crore), the generics business’ total income from operations was lower at Rs. 12.7 crore (Rs. 14.9 crore). Novartis’ Animal health business total income from operations was also lower at Rs. 24.2 crore (Rs. 28.1 crore) while for the OTC business, it was at Rs. 35.7 crore (Rs. 37.7 crore).
On the Bombay Stock Exchange, Novartis recorded a marginal gain of 0.07 per cent to close trade at Rs. 676.9 on Wednesday.
