GlaxoSmithKline Consumer Q2 net profit up 9%
Net sales grew by 10.6% to Rs1,075 crore from Rs972 crore in the same quarter last year
New Delhi: GlaxoSmithKline Consumer Healthcare Ltd, the maker of Horlicks and Boost health-food drinks, reported a 9% jump in net profit to Rs160 crore for the September quarter, up from Rs146.93 crore posted in the year-ago period.
Net sales for the New Delhi-based company grew by 10.6% to Rs1,075 crore from Rs972 crore in the same quarter last year, the company said in a filing to the BSE on Wednesday.
The local arm of the British company suggested that it was seeing early signs of a demand revival in a market that has been sluggish on account of inflation over the past four quarters. “The consumer sentiments are showing early signs of recovery," said Zubair Ahmed, managing director at the company.
Commenting on the company’s distribution network that currently covers 800,000 retail outlets, Ahmed said, “We remain focused on our access strategy to ensure that our products are within the easy reach of our large consumer base."
A 5 November consumer outlook report released by ZyFin Research indicated revival in consumer optimism for the first time in three years with the outlook index rising by 4.9 points to 50.1 in October 2014. This shift in consumer sentiment is the first sign that India’s economic growth is set to revive, according to the report.
Shares of the company fell by 2.38% to Rs5,407.65 on the BSE, while the benchmark Sensex index was trading up 0.20% at 27,915.88 points.
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