GSK Pharma drops after poor Q1 earnings

GlaxoSmithkline Pharmaceuticals lost 1.12% to Rs 2,480 at 14:39 IST on BSE after net profit fell 42.87% to Rs 96.54 crore on 8.28% decline in total income to Rs 654.73 crore in Q1 March 2014 over Q1 March 2013.

The Q1 result was announced during trading hours today, 17 April 2014.

Meanwhile, the S&P BSE Sensex was up 310.45 points or 1.39% at 22,587.68.

On BSE, so far shares were traded in the counter as against average daily volume of 15,698 shares in the past one quarter.

The stock was volatile. The stock lost as much as 2.1% at the day's low of Rs 2,455.25 so far during the day. The stock rose as much as 1.55% at the day's high of Rs 2,547 so far during the day. The stock had hit a record high of Rs 3,054.40 on 3 March 2014. The stock had hit a 52-week low of Rs 2,155 on 29 April 2013.

The stock had underperformed the market over the past one month till 16 April 2014, declining 3.66% compared with the Sensex's 2.14% rise. The scrip had also underperformed the market in past one quarter, sliding 15.6% as against Sensex's 4.76% rise.

The large-cap company has equity capital of Rs 84.70 crore. Face value per share is Rs 10.

GlaxoSmithkline Pharmaceuticals said that Q1 March 2014 continued to see the impact of the revamped price control order, extending coverage to the National List of Essential Medicines (NLEM).

GlaxoSmithkline Pharmaceuticals is engaged in the business of manufacturing, distributing and trading in pharmaceuticals. The company's product portfolio includes prescription medicines and vaccines. Its prescription medicines range across therapeutic areas such as anti-infectives, dermatology, gynaecology, diabetes, oncology, cardiovascular diseases and respiratory diseases.

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