Glaxosmithkline Pharmaceuticals slips after Q3 PAT falls 4% YoY to Rs 150 cr

Glaxosmithkline Pharmaceuticals shed 1.42% to Rs 1,558 after the company's consolidated net profit slipped 3.9% to Rs 150.35 crore on a 3% increase in net sales to Rs 815.92 crore in Q3 December 2021 over Q3 December 2020.

Consolidated profit before tax (PBT) skid 9.9% to Rs 183.83 crore in Q3 FY22 from Rs 203.99 crore in Q3 FY21.

The revenue for the quarter from continuing operations came in at Rs 808 crore, recording a growth of 2% Y-o-Y. PBT (before exceptional items) from continuing operations for the quarter stood at Rs 189 crore, registering a rise of 6% Y-o-Y. EBITDA from continuing operations was at Rs 197 crore, recording an increase of 8% Y-o-Y.

Commenting on the Q3 results, Sridhar Venkatesh, the managing director (MD) of GlaxoSmithKline Pharmaceuticals, said, "GSK's established pharma portfolio recorded strong double- digit growth, driven by our core legacy brands such as Calpol, Augmentin and Ceftum."

"While our promoted brands grew, our vaccines business was impacted on account of the third wave of the pandemic. However, as this phase of the pandemic recedes and schools open up across the country, we are witnessing a steady uptake in vaccination. We also continue to invest in our brands and raise awareness amongst parents about more innovative vaccines from our portfolio."

"During the quarter, we concluded the sale of the Vemgal plant in Karnataka. In the subsequent quarters, we will also aim to close the transfer of lodex and Ostocalcium brands to GlaxoSmithKline Asia, as part of GSK pie's plans to create two world class companies in pharmaceuticals and consumer healthcare."

The board at its meeting appointed Juby Chandy as the whole-time director and chief financial officer (CFO) of the company for period of three years from 1 April 2022. He succeeds Ms Thakur who is moving to a senior finance role within GSK Group.

GSK Pharma is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies.

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