GlaxoSmithKline Pharmaceuticals on Tuesday reported 63.44 per cent decline in standalone net profit to Rs 26.42 crore for the first quarter ended June 30, mainly on account of trade destocking due to transition into GST.
The company had posted a net profit of Rs 72.27 crore for the same period of the previous fiscal, GlaxoSmithKline Pharmaceuticals said in a BSE filing.
"Sales revenue of the pharmaceuticals business declined 14.2 per cent during the quarter ended June 30, 2017 as compared to the corresponding quarter of the previous year," GlaxoSmithKline said.
Sales were adversely impacted by an estimated Rs 130 crore in the quarter as a consequence of trade destocking due to transition into GST, it added.
Standalone total revenue from operations stood at Rs 607.09 crore for the quarter under consideration, as against Rs 705.33 crore for the corresponding period a year ago.
Shares of GlaxoSmithKline today closed at Rs 2,510.05 per scrip on BSE, down 1.80 per cent from its previous close.