GlaxoSmithKline Pharmaceuticals Ltd, Indian subsidiary of GlaxoSmithKline plc, one of the world's leading research based pharmaceutical and healthcare company registered 14% increase in net sales to Rs. 581.98 crore for the quarter ended September 2010. Its core pharmaceutical business grew at 15%. However, operating profit margins decreased by 110 basis points to 36.6% resulting in operating profit to increase by 11% to Rs. 215.96 crore. Increase in the interest income by 52% to Rs. 25.55 crore boosted the net profit.
During the quarter, approval has been received for Revolade, a drug for low platelet counts and Votrient, for metastatic renal cell carcinoma. Commenting on the company performance for the quarter, Dr. Hasit B. Joshipura, Managing Director, said, The pharmaceutical business registered all round growth with the mass markets, mass specialties and specialties businesses all showing strong market competitive growth. The company gained market share during the quarter. Vaccines registered a handsome growth as well. New products launched in the last two years continue to accelerate growth
Quarterly Performance:
Total income from operations increased by 14% to Rs. 589.27 crore, which include other operating income (up by 13%) to Rs. 7.29 crore for the quarter ended September 2010. Operating profit margins contracted by 110 basis points on the back of increase in other expenditure by 80 basis points as percentage to sales and net stock adjustments. However, employee cost decreased by 90 basis points.
During the quarter, Interest income increased by 52% to Rs. 25.55 crore, depreciation by 3% to 4.1 crore resulted PBT to increase by 14% to Rs. 237.41 crore. With rise in tax rate by 120 basis points to 33.34 restricted PAT before EO increase by 12% to Rs. 158.25 crore. Exceptional income (net of tax) mainly pertain to provision made on account of revised gratuity limits and accrual charge on post retirement benefits Rs. 0.44 crore restricted the net profit to increase by 12% to Rs. 157.81 crore.
Nine months performance:
Total income from operations increased by 14% to Rs. 1643.32 crore, which include other operating income Rs. 22.31 crore for the nine months ended September 2010. Operating margins improved by 50 basis points to 37.3% resulting operating profit to increase by 15% to Rs. 612.78 crore. Other income for the period is Rs. 18.00 crore. Increase in interest income by 6% to Rs. 66.11 crore and depreciation by 2% to Rs. 11.91 crore resulted PBT to increase 14% to Rs. 684.98 crore. After accounting tax Rs. 225.93 crore and EO expenses Rs.11.06 for the period, net profit was up by 10% to Rs. 447.99 crore.
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