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Novartis India posted Q2 net increase to Rs 104 crore

Novartis India has reported an increase in its stand alone net profit at Rs 103.82 crore for the September quarter.

During a year ago period, the company had posted a net profit of Rs 14 crore.

Novartis said that “the company has received a sale consideration in relation to the slump sale of the OTC division to GSK CPL amounting to Rs 1,097.3 million and the same has been accounted for in the quarter ended September 30, 2015 results.”

In January, the company’s board had approved a slump sale of OTC business to GSK Consumer Private Limited.

Read EquityPandit’s CNX Pharma Outlook for this week 

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