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

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Glaxosmithkline Pharmaceuticals lost 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 compared to Q3 December 2020.

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

Revenue for the quarter from continuing operations was Rs 808 crore, recording a 2% year-on-year growth. PBT (before exceptional items) from continuing operations for the quarter amounted to Rs 189 crore, registering a 6% increase year-on-year. EBITDA from continuing operations was Rs 197 crore, recording an increase of 8% year-on-year.

Commenting on the third quarter results, Sridhar Venkatesh, Chief Executive Officer (MD) of GlaxoSmithKline Pharmaceuticals, said: “GSK’s established pharmaceutical portfolio delivered strong double-digit growth, driven by our core legacy brands such as Calpol, Augmentin and Ceftum.

“While our promoted brands have grown, our vaccines business has been impacted by the third wave of the pandemic. However, as this phase of the pandemic recedes and schools open across the country, we are seeing continued adoption of vaccination. We also continued to invest in our brands and educate parents about the most innovative vaccines in our portfolio.”

“During the quarter, we completed the sale of the Vemgal plant in Karnataka. Over the following quarters, we will also aim to complete the transfer of the lodex and Ostocalcium brands to GlaxoSmithKline Asia, as part of GSK’s plans to pie aiming to create two world-class companies in pharmaceuticals and consumer healthcare.”

At its meeting, the board of directors appointed Juby Chandy full-time director and chief financial officer (CFO) of the company for a period of three years from April 1, 2022. He succeeds Ms. Thakur who holds a position of financial management within the 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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