Business Division Sale boosts Novartis India Profit to Rs.103 crore

Chennai, Nov 6: Boosted by the sale of its over-the-counter division pharmaceutical player, Novartis India Ltd on Thursday said it closed the second quarter with a net profit of Rs.103.4 crore.

In a regulatory filing with BSE, the company said it had posted a net profit of Rs.103.4 crore for the quarter ended September 30, 2015 up from around Rs.14 crore for the quarter ended September 30, 2014.

The company’s total income for the period under review stood at Rs.224.43 crore down from around Rs.234.79 crore earned for the quarter ended September 30, 2014.

According to Novartis India, the company has received Rs.109.73 crore the sale consideration from GlaxoSmithKline Consumer Private Ltd and the same has been accounted in the books.

On the other hand the company has not accounted in its books the Rs.86.7 crore sale consideration of its animal healthcare division to Elanco India – an Eli Lilly affiliate – as the deal is subject to regulatory approvals. (IANS)