GlaxoSmithKline Pharma Q1 net profit declines 2.38 pc to Rs 111 cr

Drug firm GlaxoSmithKline Pharmaceuticals on Wednesday reported 2.38 per cent fall in its net profit to Rs 110.83 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 113.54 crore in the corresponding period previous fiscal, GlaxoSmithKline Pharmaceuticals said in a BSE filing.

Revenue from operations stood at Rs 648.59 crore for the quarter under consideration. It was Rs 787.97 crore for the same period year ago, it added.

"It is encouraging for us to note that during such challenging times our market share has grown despite the established brands not performing up to our expectations due to prevailing market conditions," GlaxoSmithKline Pharmaceuticals MD Sridhar Venkatesh said.

The FY21 is a promising year for GSK as we are set to introduce new assets and these launches, as it happens post regulatory approvals, shall contribute to GSK firming its position as a science- and innovation-led biopharmaceutical company, he added.

Shares of GlaxoSmithKline Pharmaceuticals closed at Rs1,482.05per scrip on the BSE, up 1.35 per cent from its previous close.