Other income fell 70% to Rs 15.82 crore. Interest cost was Rs 1.51 crore compared to Rs 8 lakh. Depreciation rose 65% to Rs 22.59 crore. PBT before EO fell 18% to Rs 165.28 crore. The company had net EO income of Rs 11.27 crore comprising of reversal of expense due to settlement/ change in estimate compared net EO income of Rs 19.92 crore comprising of income from sale of property during the quarter ended Mar'19. PBT after EO fell 20% to Rs 176.55 crore.

Tax expense was down 49% to Rs 38.48 crore. Net profit fell 6% to Rs 138.07 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.

"Despite the headwinds caused by Covid-19 during Q4, I am pleased with our overall performance during the year. Keeping patient safety at the core, GSK continues to serve the patients through a dedicated workforce that has ensured continued production and supply of medicines across the country during such challenging circumstances. Our investments into digital transformation have helped us immensely during these times to keep us connected to the healthcare professionals (HCPs) and pay closer attention to their needs.

In 2019, we continued to focus on delivering sustainable profitable growth. We witnessed an accelerated growth in the anti-infectives, dermatology and anti-pyretic therapy areas, through a skill-enhanced sales force and improved engagement with HCPs. Our major primary care brands grew at a better rate than the Indian Pharmaceutical Market. The underlying Sales growth adjusting for tail-end brand rationalization and divestment is at a healthy 13% and our key brand continues to grow at +20%. The Board of Directors recommend a Dividend of Rs 40 per equity share which includes a special dividend of Rs. 20 per share for this year.

In preventive healthcare, GSK continues to be the No. 1 vaccines company in the self-pay segment with almost 40% value market share in represented segments. In December 2019, we launched Menveo (Quadrivalent Meningococcal Conjugate Vaccine), which has demonstrated early success and within four months of its launch has a 30% unit share.

Our Q3 and full year results were impacted due to the voluntary global recall of ranitidine products including Zinetac in India and trigger-based impairment charges primarily towards our manufacturing facility at Vemgal. We are currently exploring future options for the Vemgal facility including a potential sale of the site.

The Q4 has presented to us an unprecedented challenge in the form of a global pandemic. At GSK, our core guiding principles remains employee safety and well-being, business continuity, and social responsibility. As the nation-wide lockdown is getting relaxed, GSK is swiftly adapting to news ways of working defined by self-assessment, social distancing and good hygiene practices. As a socially responsible corporate citizen, we have contributed essential medicines and PPEs to the state government of Maharashtra and have committed funds to the PM-CARES."

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