Other income rose 88% to Rs 57.92 crore. Interest cost was Rs 1.08 crore compared to Rs 93 lakh. Depreciation rose 14% to Rs 21.77 crore. PBT fell 15% to Rs 149.14 crore.  

Tax expense was down 39% to Rs 38.31 crore. Net profit fell 2% to Rs 110.83 crore.

Performance for year ended March'20  

For year ended Mar'20, net sales rose 3% to Rs 3224.38 crore compared to corresponding previous year period. Operating margins of the company rose 120 bps to 20.4% leading a 9% increase in operating profit to Rs 657.25 crore.  

Other income fell 23% to Rs 79.01 crore. Interest cost was Rs 6.34 crore compared to Rs 55 lakh. Depreciation rose 70% to Rs 82.68 crore. PBT before EO as a result fell 1% to Rs 647.24 crore. The company had net EO expense of Rs 341.49 crore during the quarter compared to net EO income of Rs 28.69 in the corresponding previous year period. 

Net exceptional expense for the year ended 31st March 2020 of Rs. 341.49 crore mainly comprise of impacts following the decision to initiate a global voluntary recall (pharmacy/retail level) of ranitidine products including Zinetac in India by the Ultimate Holding Company and the comprehensive strategic review of the impact of this recall on all related assets in India. This incudes Rs 637.43 crore towards financial impairment of Rs. 637.43 crore (including cost to sell) connected to the under-utilisation of its manufacturing facilities and Rs.95.63 crore on account of other related assets/cost, Rs 108.09 crore towards provisions on account of product recall of Zinetac, Rs 46.64 crore towards other expenses and EO income of Rs 546.3 crore towards profit on sale of property. Net exceptional income for the year ended 31st March 2019 of Rs 28.69 crore mainly comprise of other expense of Rs 14.7 crore and EO income of Rs 43.39 crore towards profit on sale of property. 

PBT after EO was down 55% to Rs 305.75 crore. Tax expense was down 10% to Rs 212.55 crore. Net profit fell 79% to Rs 93.2 crore.

"We demonstrated extreme resilience in the face of the unprecedented business environment created by the Covid-19 pandemic. While keeping employee safety and well-being as our topmost concern and remaining committed to patients' access to medicines, we were the first multi-national company to get back to the field once the lockdown restrictions were lifted by the government. 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. 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." 

The scrip is trading at Rs 1443 at BSE