The FINANCIAL — Novartis India, a unit of Swiss drug maker Novartis AG, said Monday third-quarter net profit fell 5.3% as higher costs outweighed a rise in sales,according to London Stock Exchange.
Net profit for the three months through December fell to INR383.5 million from INR405.0 million a year earlier, the pharmaceutical company said in a stock-exchange filing. Net sales increased 14% to INR2.10 billion.
Total costs grew 21% to INR1.82 billion, primarily as expenses on purchase of traded goods increased 10% to INR737.4 million.
The company said in the filing that the results for the quarter were hurt by an "unprecedented" fall in the value of the Indian rupee. The value of the local currency fell nearly 11% against the U.S. dollar in the period.
Revenue at the company's core business–pharmaceuticals–grew 14% to INR1.42 billion, while profit before interest and tax at the unit fell 13% to INR336.1 million, Novartis India said.
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