Novartis India Q3 net at Rs 60 cr

Novartis India has reported a net profit of Rs 59.81 crore for the third quarter ended December 31.

The company had posted a net loss of Rs 1.18 crore in the same period last fiscal, Novartis India said in a BSE filing.

Net sales during the period under review stood at Rs 183.38 crore while in the same period last fiscal it was at Rs 213.02 crore.

During the quarter, pharmaceuticals business had a revenue of Rs 158.61 crore while income from generics was at Rs 8.9 crore.

Novartis India said the results are not comparable with the corresponding period of the previous fiscal due implications of global divestment of OTC business by its parent to GSK. In India, it had completed the transfer of the business on September 30, 2015.

Novartis India shares were trading 6.17 percent down at Rs 677.25 during the pre-close session on BSE.