Johnson & Johnson India sees revenue increase and net profit decrease in 2020 fiscal year
Personal care and pharmaceutical business Johnson & Johnson saw its India revenue increase by 5% in the 2020 financial year but net profits decreased during the same time period.
Johnson & Johnson reported a revenue total of Rs 6,623 crore ($995.2 million) for the 2020 financial year, ET Bureau reported citing data from a financial report accessed by business intelligence firm Tofler. This represents a 5% year-on-year increase compared to its performance in the 2019 financial year.
The business saw its net profit decrease slightly in the 2020 financial year, which ended on March 31 last year, to Rs 614 crore. Expenses during the 2020 financial year totalled Rs 5,341 crore, according to ET Bureau.
As with most businesses, Johnson & Johnson has shared that its India operations were affected by the pan-India lockdown, which began just a week before the end of the 2020 financial year. Businesses had already begun to feel the financial effects of the coronavirus pandemic in the run up to the lockdown and many are still in the process of financial recovery.
“A review of the liquidity position, the recoverability and carrying value of all its assets and liabilities as at March 31, 2020 has been conducted, and the management has concluded that no material adjustments are required in the financial statements as of March 31, 2020,” said the U.S.-based business in its report.
“The company will continue to monitor for material changes, if any, as the situation evolve.”
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