New Delhi: GlaxoSmithkline Consumer Healthcare Ltd, the maker of Horlicks and Boost health foods, on Thursday reported an 8.4% rise in March quarter net profit from a year ago on a sales revenue growth of 1.1%.
Net profit rose to Rs175.88 crore in the quarter ended 31 March from Rs162.22 crore a year earlier. Net sales from operations fell to Rs1,148.71 crore in the quarter from Rs1,136.48 crore a year earlier.
For the full year ended 31 March, net profit dropped 4.5% to Rs656.67 crore from Rs687.28 crore in the previous year. Revenue for the full year declined by 3.5% to Rs4,208.57 crore from Rs4,362.26 crore the previous year.
In a statement, the British company’s local unit said its health drink products, Horlicks and Boost, together had a 56.3% marketshare in value terms and 64.4% in volume terms in March 2017. Of this, Horlicks’s share in total health drink market stood at 44.8% in value terms and 50.6% in volume terms, it added.
“The fourth quarter has delivered positive results for the company. We continue to remain the market leader in health food drinks category. Our access strategy, with re-launch of Rs5 pack of base Horlicks and Boost has enabled deep penetration and has uptake… We are confident that our high science based Horlicks portfolio will help address this,” managing director Manoj Kumar said in a statement.
The company announced its results after market hours.
Shares of GlaxoSmithkline Consumer Healthcare dropped 1.93% to Rs5,250.80 on Thursday on BSE, while the benchmark Sensex rose 0.01% to 30,250.98 points.
During the quarter, the malt-based health food drink market got two new products. In February, Swiss packaged food company Nestle India Ltd launched Milo in a ready-to-drink format and the local unit of French multinational Danone SA, entered the market with Protinex Grow.
The malt-based drink market in India was estimated at $1.1 billion (retail sales) in 2015, according to a study by research firm Euromonitor International.