Operating profit margin has jumped from 23.30% to 27.38%, leading to 34.97% rise in operating profit to Rs 276.52 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 16.10% to 16.21%.   Purchase of finished goods cost fell from 27.30% to 22.34%.   Employee cost decreased from 17.03% to 16.20%.   Other expenses rose from 16.92% to 17.24%.   

Other income rose 65.60% to Rs 14.97 crore.  PBIDT rose 36.27% to Rs 291.49 crore.  Provision for interest fell 60.23% to Rs 0.35 crore.  Loan funds declined from Rs 43.99 crore as of 30 September 2020 to Rs 27.61 crore as of 30 September 2021.  Inventories rose to Rs 535.99 crore as of 30 September 2021 from Rs 500.53 crore as of 30 September 2020.  Sundry debtors were higher at Rs 178.49 crore as of 30 September 2021 compared to Rs 155.05 crore as of 30 September 2020.  Cash and bank balance rose to Rs 1,189.07 crore as of 30 September 2021 from Rs 676.76 crore as of 30 September 2020.  

PBDT rose 36.67% to Rs 291.14 crore.  Provision for depreciation fell 19.85% to Rs 17.6 crore.  Fixed assets declined from Rs 376.69 crore as of 30 September 2020 to Rs 333.62 crore as of 30 September 2021.  Intangible assets declined from Rs 45.18 crore to Rs 38.68 crore.  

Profit before tax grew 43.16% to Rs 273.54 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 69.3 crore, compared to Rs 50.47 crore.  Effective tax rate was 25.33% compared to 39.76%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 167.09% to Rs 204.24 crore.  

Equity capital stood at Rs 169.41 crore as of 30 September 2021 to Rs 169.41 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .  
.  
For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 17.80% to Rs 1799.86 crore.  

Operating profit margin has jumped from 20.87% to 23.79%, leading to 34.26% rise in operating profit to Rs 428.19 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 16.27% to 19.09%.   Purchase of finished goods cost fell from 25.49% to 20.22%.   Employee cost decreased from 19.73% to 18.31%.   Other expenses rose from 17.94% to 18.47%.   

Other income fell 30.26% to Rs 46.7 crore.  PBIDT rose 23.06% to Rs 474.89 crore.  Provision for interest fell 41.84% to Rs 1.14 crore.  Loan funds declined from Rs 43.99 crore as of 30 September 2020 to Rs 27.61 crore as of 30 September 2021.  Inventories rose to Rs 535.99 crore as of 30 September 2021 from Rs 500.53 crore as of 30 September 2020.  Sundry debtors were higher at Rs 178.49 crore as of 30 September 2021 compared to Rs 155.05 crore as of 30 September 2020.  Cash and bank balance rose to Rs 1,189.07 crore as of 30 September 2021 from Rs 676.76 crore as of 30 September 2020.  

PBDT rose 23.39% to Rs 473.75 crore.  Provision for depreciation fell 19.25% to Rs 35.31 crore.  Fixed assets declined from Rs 376.69 crore as of 30 September 2020 to Rs 333.62 crore as of 30 September 2021.  Intangible assets declined from Rs 45.18 crore to Rs 38.68 crore.  

Profit before tax grew 28.88% to Rs 438.44 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 113.12 crore, compared to Rs 88.77 crore.  Effective tax rate was 25.80% compared to 32.15%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 73.69% to Rs 325.32 crore.  

Equity capital stood at Rs 169.41 crore as of 30 September 2021 to Rs 169.41 crore as of 30 September 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 75.00% as of 30 September 2021 ,compared to 75.00% as of 30 September 2020 .  

Cash flow from operating activities increased to Rs 533.76 crore for YTD ended September 2021 from Rs 276.30 crore for YTD ended September 2020.  

Full year results analysis.

Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has declined 0.79% to Rs 3198.86 crore.  

Operating profit margin has jumped from 20.38% to 21.74%, leading to 5.79% rise in operating profit to Rs 695.33 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 14.55% to 14.58%.   Purchase of finished goods cost rose from 26.66% to 27.18%.   Employee cost decreased from 19.28% to 18.98%.   Other expenses fell from 19.35% to 17.79%.   

Other income rose 39.96% to Rs 110.58 crore.  PBIDT rose 9.46% to Rs 805.91 crore.  Provision for interest fell 44.32% to Rs 3.53 crore.  Loan funds declined from Rs 41.69 crore as of 31 March 2020 to Rs 34.62 crore as of 31 March 2021.  Inventories rose to Rs 546.70 crore as of 31 March 2021 from Rs 483.03 crore as of 31 March 2020.  Sundry debtors were higher at Rs 215.60 crore as of 31 March 2021 compared to Rs 99.80 crore as of 31 March 2020.  Cash and bank balance rose to Rs 1,157.96 crore as of 31 March 2021 from Rs 1,083.20 crore as of 31 March 2020.  

PBDT rose 9.93% to Rs 802.38 crore.  Provision for depreciation fell 4.11% to Rs 79.28 crore.  Fixed assets declined from Rs 828.58 crore as of 31 March 2020 to Rs 356.75 crore as of 31 March 2021.  Intangible assets declined from Rs 49.62 crore to Rs 43.36 crore.  

Profit before tax grew 11.72% to Rs 723.10 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were increased to Rs -172.60 crore.  Provision for tax was expense of Rs 192.35 crore, compared to Rs 212.55 crore.  Effective tax rate was 34.94% compared to 69.52%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 284.28% to Rs 358.15 crore.  

Equity capital stood at Rs 169.41 crore as of 31 March 2021 to Rs 169.41 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 75.00% as of 31 March 2021 ,compared to 75.00% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 577.93 crore for year ended March 2021 from Rs 490.50 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 44.23 crore, compared to Rs 155.90 crore during the year ended March 2020.  

Management commentary: Sridhar Venkatesh, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, said, "We delivered a strong performance in 02. As the acute market showed signs of recovery, our established brands grew in their respective therapeutic portfolios. Augmentin and Ca/pol regained their place amongst the top five brands in the Indian Pharmaceuticals Market (1PM). Our promoted portfolio also gained market share, while products from our innovation and specialty pipeline continued to make inroads to serve more patients. We continue to find ways to leverage innovations in emerging technologies and deliver even greater value to our shareholders in alignment with our priorities. We also improved our operational efficiencies, driven by sales growth and cost rationalisation. We also improved our cash position backed by working capital improvements. We expect this positive momentum to continue through the second half of the year driving us towards the better end of a meaningful performance improvement. Our clear priority is to focus on execution, unlocking the value for patients and delivering step change growth and performance."