The Board of Directors of Novartis India Limited (the “Board”) at its meeting today approved results for the half year ended 30 September 2015. During the period under review, Novartis India Limited (the “Company”) recorded Total Income from Operations of Rs 4485 million.
During the half year under review, the core business of the Company, Pharmaceuticals, recorded Total Income from Operations of Rs 3324 million as against Rs 3059 million in the previous corresponding half year. The Company’s Generics business registered Total Income from Operations of Rs 249 million as against Rs 258 million in the previous corresponding period. The Animal Health business registered Total Income from Operations of Rs 524 million as against Rs 469 million in the previous corresponding period. The OTC business recorded Total Income from Operations of Rs 388 million as against Rs 650 million in the previous comparable half year.
During the half year under review the Company recorded a Profit from Operations of Rs 111 million as compared to Loss from Operations of Rs 51 million during the corresponding period of the previous year. The Company registered Net Profit after Other Income of Rs 1173 million as against Rs 284 million in the previous corresponding period.
Increase in Net Profit is primarily due to receipt of the sale consideration in relation to the slump sale of the OTC Division to GSK Consumer Healthcare Private Limited amounting to Rs 1097 million and the same being accounted in the quarter ended 30 September 2015. The sale consideration for the slump sale of Animal Health Division to Elanco India (or another affiliate of Lilly) amounting to Rs 867 million has not been accounted in the quarter ended 30 September 2015 results as this transaction is subject to the receipt of all applicable legal and regulatory approvals, consents, permissions and sanctions as may be necessary from concerned authorities.
Net Profit from the sale of the OTC Division and costs incurred by the Company in relation to these transactions have been shown under Extraordinary items.
Issued by Corporate Communications on 5 November 2015
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