Wednesday, May 25, 2005
Wednesday, May 25, 2005 |
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Our Staff Correspondent
MUMBAI: Novartis India has reported a lower net profit of Rs. 65 crores for 2004-05 against Rs. 114 crores in the previous year. The drop in profit is mainly on account of a significantly higher tax provision of Rs. 39 crores against Rs. 4 crores in the pervious year. However, the board has recommended a dividend of 200 per cent (Rs 10 per equity share of Rs 5 each). The company's sales at Rs. 471 crores saw a decline of 6.6 per cent (Rs. 505 crores). The provision for taxation is not comparable with the previous year because last year's tax provision was net of a deferred credit of Rs. 24 crores related to the impairment of bulk drug fixed assets. Pharmaceutical sales for the year at Rs. 289 crores was down seven per cent due to uncertainties over the impending implementation of VAT in April 2005. The generics business posted sales of Rs. 101 crores resulting in a profit of Rs. 11 crores mainly attributable to lower depreciation post impairment of company's assets at Mahad.
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