The Hindu Business Line : Novartis net up 27 pc on higher sales, other income

NOVARTIS India Ltd has posted a net profit of Rs 27.5 crore for the second quarter ended September 2005, up 27 per cent from Rs 21.7 crore earlier. Total income increased to Rs 156.2 crore (Rs 135 crore), the company told the BSE.

For the six-month period ended September 2005, Novartis posted a net profit of Rs 64.8 crore and sales of Rs 282.9 crore, a company release said.

On a comparable basis, i.e., after adjusting the impact of the sale of the Rifampicin (used in tuberculosis medicine) business effective April 1 2005, sales for the period under review were up by 18.8 per cent, the release added.

Pharmaceuticals, the core business of Novartis, clocked sales of Rs 197.4 crore for the first half, registering a growth of 21.7 per cent over the corresponding previous period. The generics business recorded sales of Rs 33.1 crore. After adjusting previous year sales for divestment of the Rifampicin business, generics sales were down by 9.4 per cent, the company said. The over-the-counter business recorded growth of 35.4 per cent with sales of Rs 34.8 crore. Animal health, with sales of Rs 17.7 crore, was up by 27.4 per cent.

Other income included Rs 17.3 crore received towards sale of Goregaon property. With this sale, divestment of the entire Goregaon property has been completed, the release said.

The improvement in profit before tax during the first half was primarily due to higher sales and sale of the Goregaon property.

On the BSE, the stock ended down today at Rs 488.45 against the previous close of Rs 485.45.

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