NEW DELHI :
Consumer goods firm GlaxoSmithKline Consumer Healthcare (GSKCH India) on Thursday reported a 35% jump in third quarter net profit at ₹221 crore, the company said in a filing to the stock exchange.
For the same quarter of the corresponding year, the maker of Horlicks and Boost health food drinks posted a net profit of ₹163.6 crore.
Total income from operations for the quarter ended December 31, stood ₹1,241 crore, up 12.8% from ₹1,100 crore in the same quarter last year.
“We have been witnessing healthy sustainable growth in our financial performance in the past few quarters. This growth is reflective of the unflinching trust that our consumers have in our products. Some of our work in the recent quarters in rural areas is hugely satisfying..." Navneet Saluja, managing director, GlaxoSmithKline Consumer Healthcare Limited said in an earnings release.
During the period, the company expanded the reach of its health food drinks portfolio, including brands such as Horlicks, Boost, and Viva to 1.88 million outlets up from 1.72 million in the year-ago quarter. That represents a 9% jump in reach.
In the December quarter, GSKCH said, it is set to merge with India’s largest consumer goods firm Hindustan Unilever in a deal that valued GSKCH at ₹31,700 crore. The deal that also saw the sale of GSKCH’s consumer healthcare nutrition brands such as Horlicks and Boost to Unilever Plc is set to be completed within a year of the announcement.
Last month, both companies informed the exchange that they had received the approval of the Competition Commission of India (CCI) for the merger. “The merger is now subject to the receipt of other necessary statutory and regulatory approvals under applicable laws. The merger process is moving along expected timelines," GSK said in its earnings release.