GSK Pharma gains post Q1 earnings
Q1 net profit up 37% yoy at Rs 169 crore against Rs 123 crore in a year ago quarter.
GlaxoSmithKline Pharmaceuticals is trading higher by 6% to Rs 2,460 after reporting 37% year-on-year (yoy) growth in net profit at Rs 169 crore for the quarter ended March 31, 2013 (Q1).The pharmaceutical company had profit of Rs 123 crore in a year ago quarter, which include one-time expenditure of Rs 93 crore pertain to rationalization initiatives relating to a manufacturing site.
“The company’s net sales grew marginally 1.4% at Rs 632 crore on yoy basis mainly due to supply chain related issues,” GSK Pharma said in a statement.
The stock opened at Rs 2,320 and touched a record high of Rs 2,522 on BSE. A combined 95,249 shares changed hands on the counter till 1334 hours compared to an average sub 25,000 shares that were traded daily in past two weeks on BSE and NSE.
“The company’s net sales grew marginally 1.4% at Rs 632 crore on yoy basis mainly due to supply chain related issues,” GSK Pharma said in a statement.
The stock opened at Rs 2,320 and touched a record high of Rs 2,522 on BSE. A combined 95,249 shares changed hands on the counter till 1334 hours compared to an average sub 25,000 shares that were traded daily in past two weeks on BSE and NSE.