Outcome of the Meeting of the Board of Directors of Novartis India Limited ("the Company") held on Wednesday, January 28, 2026.
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The Board of Novartis India approved the unaudited financial results for the quarter and nine months ended December 31, 2025. Revenue from operations for Q3 stood at Rs 859 million, down from Rs 930 million in the same quarter last year (a decline of about 7.6%). Net profit for the quarter fell sharply to Rs 160.9 million from Rs 254.5 million YoY (a drop of roughly 37%), while EPS dropped to Rs 6.52 from Rs 10.31. For the nine-month period, revenue declined to Rs 2,637.8 million (from Rs 2,723.9 million) and profit fell to Rs 679.3 million (from Rs 716 million). The sharp Q3 profit drop was largely driven by higher tax expenses of Rs 135.6 million (including Rs 55.6 million of prior-year tax adjustments) and a one-time provision of Rs 16.8 million following the notification of India's four Labour Codes in November 2025.
Shareholders should note weaker Q3 performance with a meaningful YoY profit decline, though the nine-month picture is more moderate. Higher taxes and the Labour Code provision are one-off drags. The clean limited review report from BSR & Co. LLP means there are no auditor flags, but the revenue decline trend may concern investors in the near term.