Novartis India net profit falls 65pc to Rs 6.78 crore in Q4

New Delhi: Drug firm Novartis India on Friday reported a 65.28 percent decline in net profit to Rs 6.78 crore for the quarter ended March 2020.

The company had posted a net profit of Rs 19.53 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to BSE.

Revenue from operations stood at Rs 93.70 crore for the quarter under consideration. It was Rs 110.38 crore for the same period a year ago, it added.

For the full fiscal 2019-20, the company posted a net profit of Rs 10.08 crore compared to Rs 51.77 crore in the previous financial year, Novartis India said.

Revenue from operations for the fiscal stood at Rs 438.25 crore. It was Rs 490.68 crore in 2018-19.

The company's board has approved a final dividend of Rs 10 per equity share of Rs 5 each for the year ended March 31, 2020, Novartis India said.

The board has also approved the appointment of Sanker Parameswaran as an additional director (independent and non-executive). He will hold office for a period of five years with effect from June 22, 2020, it added.

Shares of Novartis India Ltd closed at Rs 602.25 per scrip on BSE, down 1.16 percent from its previous close.

Read also: Novartis Cosentyx gets USFDA nod to treat active non-radiographic axial spondyloarthritis