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Mumbai:

GlaxoSmithKline Pharmaceuticals Ltd (GSK), the Indian unit of the UK-based drug maker GlaxoSmithKline Plc, on Thursday posted a 61% drop in December quarter net profit, due to one-time losses and lower other income.

Net profit for the quarter came in at 45.30 crore compared with 117 crore a year ago. Sales grew 1.2% to 650.86 crore.

The one-time losses or exceptional items included a charge of 30.37 crore for the rationalisation of capital assets for one of the dosage forms at the company’s Nashik factory, and a 15.70 crore expense on employee benefits.

“The company’s performance was impacted by supply constraints," it said in a tatement on Thursday.

During this quarter, GSK Pharma’s other income declined 21% to 37.77 crore from 47.79 crore.

On Thursday, GSK Pharma shares ended at 3,254 on the BSE, down 0.4%, while India’s benchmark Sensex rose 0.95% to close at 28,805.10 points.

“GSK Pharma’s fourth quarter results were lower than expected on the operational margins as well as net profit," said Sarabjit Nangra, pharma sector analyst and vice president (institutional research) at Angel Broking Ltd.

GSK Pharma, which is changing its financial year from January-December to April-March starting this year, also said its board has approved the local transactions in connection with the global deal between its parent and Swiss-drug maker Novartis AG for the transfer of oncology business and in return of Novartis’s vaccines business.

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