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Novartis FY20 profit plunges 80.5% to Rs 10 crore; Sanker Parameswaran appointed as additional director

Novartis' board approved appointment of Sanker Parameswaran as an additional director (Independent and Non-Executive) of the company, to hold office for a period of 5 consecutive years with effect from June 22, 2020

twitter-logoBusinessToday.In | June 19, 2020 | Updated 19:39 IST
Novartis FY20 profit plunges 80.5% to Rs 10 crore; Sanker Parameswaran appointed as additional director
In Q4 FY20, Novartis India reported 65.28 per cent YoY fall in net profit at Rs 6.78 crore

Drug maker Novartis India has reported a sharp decline of 80.53 per cent in its net profit at Rs 10.08 crore for the financial year ended March 31, 2020 as against Rs 51.77 crore during the previous year ended March 2019. The company, a part of Swiss pharma major Novartis International AG, posted 10.69 per cent decline in sales at Rs 438.25 crore for FY20 as against Rs 490.68 crore during the previous fiscal, Novartis India said in a regulatory filing.

During January-March quarter of FY20, Novartis India posted 65.28 per cent fall in net profit at Rs 6.78 crore as compared to Rs 19.53 crore during the same quarter of the last fiscal. Sales dropped 15.11 per cent to Rs 93.70 crore in the quarter ended March 2020 as against Rs 110.38 crore during the year-ago period.

Novartis India's board has recommended final dividend of Rs 10 per equity share of Rs 5 each for the year ended March 31, 2020, subject to approval of the shareholders of the company.

The board has also approved appointment of Sanker Parameswaran as an additional director (Independent and Non-Executive) of the company, to hold office for a period of 5 years with effect from June 22, 2020. His appointment as an Independent Director will be subject to approval of the shareholders of the company.

Meanwhile, shares of Novartis India ended day's trade at Rs 602.25 apiece, down 1.16 per cent, on the BSE on Friday.

By Chitranjan Kumar

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