Mumbai: GlaxoSmithKline Consumer Healthcare Ltd, the maker of Horlicks and Boost nutritional supplements, on Friday reported a 20.4% increase in net profit for the quarter ended 31 March, or Q4, backed by a 7.1% growth in sales.

Net profit for Q4 rose to 11.81 crore from 75.88 crore in the year-ago period. Revenue from operations rose to 1179.58 crore during the quarter.

“The quarter also witnessed a volume growth at 5.3%. For the full year, the comparable revenue is 4,377 crores which is an increase by 7.6%," GSK Consumer said in a statement.

Net profit for the full year grew by 6.1% to 700.10 crore from 656.68 crore the previous year.

The company’s staff cost jumped 32.8% during the January-March quarter and it cut down its advertising and marketing cost by 2.5%.

GSK Consumer also said there had been a change in accounting. Levy of excise duty, Octroi, non-cenvatable service tax, etc., were treated as part of costs earlier, but after implementation of goods and services tax (GST) from 1 July 2017, the new uniform tax is not treated as cost.

Navneet Saluja, managing director of GSK Consumer Healthcare, said volume growth was led by Horlicks, a brand that its global headquarters have put on the block in March. “With a strong government focus on Nutrition, better than expected monsoons and an improved business environment, we are bullish about the coming quarters," he added.

On Friday, shares of GSK Consumer Healthcare rose 0.78% to Rs5,919.05 apiece on the BSE, while the benchmark Sensex rose 0.82% to 35,535.79 points.

The company earnings were released after trading hours.

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