Drug firm Novartis India today said its net profit declined by 24.28 per cent to Rs 29 crore for the third quarter ended December 31, 2012, primarily due to higher expenses.
The company had posted a net profit of Rs 38.3 crore during the same period of previous fiscal, Novartis India said in a filing to the BSE.
Net sales of the company, however, rose to Rs 233.54 crore during the quarter, as against Rs 222.32 crore during the same period of 2011-12 fiscal.
During the period under review, the company's total expenses, including cost of raw materials, stood at Rs 211.25 crore, as compared to Rs 185.23 crore during the same period of previous fiscal.
Shares of Novartis today closed at Rs 653.95 apiece on the BSE, down 0.74 per cent from their previous close.