Novartis India net jumps by 43% in Q1

Novartis India has posted satisfactory growth net profit despite lower net sales during the first quarter ended June 2016. Its net profit increased by 43 per cent to Rs.19.07 crore from Rs.13.34 crore and EBDITA by 43.3 per cent to Rs.30.50 crore from Rs.21.29 crore in the corresponding period of last year. Its nets sales declined by 26.2 per cent to Rs.158.62 crore from Rs.214.83 crore as the company divested its OTC and animal health businesses.. The Novartiscompany’s sales of OTC and animal health business were at Rs.43.96 crore in the last period. EPS worked out to Rs.5.97 as against Rs.4.17 in the last period.

Novartis scrip increased almost by Rs.11 on BSE today and closed at Rs.715.55. Its touched to its 52-weeks highest level at Rs.967.75 in October 2015. As at the end of February 2016, the scrip touched to its lowest level at Rs.600.

Recently, Novartis announced buyback of equity shares not exceeding 38.20 lakh equity shares of face value of Rs.5 each through the ‘Tender offer’ route at a price of Rs.760 per equity share for a total amount of Rs.290.32 crore. The buyback offer size is 24.98 per cent of the total paid-up capital and free reserves. At present, promoters are holding 75 equity stake in the company.

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