New Delhi, Nov 3 (PTI) Evonile Pharma, formerly Novartis India, on Tuesday reported a net loss of Rs 77.54 crore in the September quarter, dragged down by exceptional items.
The pharma company posted a profit of Rs 24.22 crore in the corresponding period of the previous fiscal year, according to a regulatory filing.
Its revenue from operations also declined to Rs 56.05 crore during the period under review from Rs 90.33 crore a year ago, it said.
The company’s expenses rose to Rs 96.59 crore in the second quarter of the current fiscal year from Rs 67.08 crore a year earlier, it said.
Exceptional items for the quarter, aggregating to Rs 68.26 crore, comprise Rs 61 crore arising from the termination and related inventory purchase arrangements “with
a major customer”, the filing noted.
Evonile Pharma MD & CEO Vikas Gupta said, “Following the transition from Novartis AG, Evonile Pharma has made significant progress in just a few months. Establishing our new business model requires an entirely new organisational foundation, and we have made considerable headway in putting the key building blocks in place”.
During the quarter, the company completed two strategic transactions — the acquisition of Minipress XL and an ophthalmology in-licensing agreement. “Both are important steps in strengthening our portfolio, expanding our presence in key therapeutic areas and creating new platforms for sustainable growth,” Gupta added.
Shares of Evonile Pharma settled nearly flat at Rs 1,719.85 apiece on the BSE. The company’s results were declared after the market hours. PTI TRB TRB BAL
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