GSK Consumer Healthcare Q2 profit rises 4.7% to Rs192 crore
GlaxoSmithKline Consumer Healthcare’s net profit rose to Rs192.4 crore in the quarter ended 30 September from Rs183.7 crore in the year-ago period
New Delhi: GlaxoSmithkline Consumer Healthcare Ltd, the maker of Horlicks and Boost nutritional supplements, said fiscal second-quarter profit rose 4.7% from a year earlier.
Net profit rose to Rs192.4 crore in the quarter ended 30 September from Rs183.7 crore in the year-ago period.
Revenue from operations fell 6.5% to Rs1,115.3 crore from Rs1,192.76 crore in the year-ago period.
“Levy of excise duty, octroi, non-cenvatable service tax etc., which were treated as part of the cost earlier are now included under GST and netted off from turnover resulting in reduction in reported revenue,” the company said in a statement on Tuesday.
The company, however, said that revenue from domestic market has grown by 6.4%, driven by market penetration, increased access to products and increased spend on advertising and promotion. During the September quarter, GSK’s advertising and promotion expenditure increased 7.8%.
“Our GST transition has been smooth and swift without any major business disruption. We are confident that with the stabilisation of GST implementation, the external environment will be more conducive to growth,” Manoj Kumar, managing director of GlaxoSmithKline Consumer Healthcare, said in a statement.
According to the company, its health drink portfolio dominated the market with 55.6% value share till September.
On Tuesday, shares of GSK Consumer Healthcare fell 0.78% to Rs5,466.65 on BSE while the exchange’s benchmark Sensex shed 1.07% to 33,370.76 points.
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