Other income rose 87.10% to Rs 29.6 crore. Provision for interest fell 58.28% to Rs 0.63 crore. Provision for depreciation fell 20.98% to Rs 17.85 crore.

Profit before tax grew 10.12% to Rs 182.01 crore. The company reported EO expense of Rs 119 crore compared to EO income of Rs 11.27 crore.

Exceptional items for the quarter ended 31st March 2021 Rs.11900 lakh mainly comprise impairment of Rs 127 crore following the decision to initiate a global voluntary recall (pharmacy/retail level) of ranitidine products, Rs 8 crore towards reversal of provisions on account of Zinetac recall. Exceptional items for the quarter ended 31st March 2020 Rs.11900 lakh mainly comprise impairment of Rs 2.89 crore following the decision to initiate a global voluntary recall (pharmacy/retail level) of ranitidine products, Rs 3.21 crore towards reversal of provisions on account of Zinetac recall and reversal of expense due to settlement/ change in estimate Rs. 5.17 crore.

PBT after EO was down 64% to Rs 63.01 crore.

Provision for tax was expense of Rs 48.68 crore, compared to Rs 38.48 crore. Effective tax rate was 77.26% compared to 21.80%. Net profit attributable to owners of the company decreased 89.62% to Rs 14.33 crore.

Performance for year ended March'21

Glaxosmithkline Pharmaceuticals consolidated net sales 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%. Cost of Sales rose from 40.12% to 40.54%. Inventories cost rose from 1.09% to 1.22%.

Other income rose 39.96% to Rs 110.58 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 34.60 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 1,157.98 crore as of 31 March 2021 from Rs 1,083.20 crore as of 31 March 2020.

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 355.47 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. The company reported EO expense of Rs 172.6 crore compared to EO expense of Rs 341.49 crore.

Exceptional items for the year ended 31st March 2021 Rs.172.60 crore mainly comprise impairment of Rs 209 crore following the decision to initiate a global voluntary recall (pharmacy/retail level) of ranitidine products, Rs 34.80 crore towards reversal of provisions on account of Zinetac recall, profit on sale of a surplus property of Rs. 1.84 crore and other items of Rs. 24 lakh. 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.

PBT after EO was up 80% to Rs 550.5 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%.

Net profit attributable to owners of the company increased 284.28% to Rs 358.15 crore.

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.

"Our relentless patient focus helped us revitalise growth through the year and emerge with renewed resilience in Q4 as we notched double-digit growth across some of our focus brands. Our established portfolio made gains in their market share in respective categories, particularly in the anti-infectives and pain therapeutic areas which have been crucial in the fight against COVID. We also continued to maintain our leadership in dermatology. This growth has further strengthened our resolve to ensure patients get access to our medicines and vaccines that can make that lifesaving difference.

During the year we saw vaccines gaining more significance than ever, GSK continues to be the No. 1 vaccines company in the self-pay segment, propelled by impressive growth towards the end of the year with almost 40% value market share in represented segments. In September 2020, notwithstanding the lockdown, we launched Fluarix Tetra to combat influenza and continued to build on the momentum of our recently launched brand Menveo which had demonstrated promising success, positioning us to focus on our innovation pipeline and the prospect of introducing new launches.

Another priority for us remains employee safety and wellbeing which are complemented by our role as a responsible corporate citizen. We have mobilised support on the ground, by donating to our established humanitarian response partner, Direct Relief in addition to the employee payroll giving initiative. We were the first multinational pharmaceutical company to return to the field as lockdown restrictions were lifted and we continue to cater to market needs with agility by leveraging the scale afforded to us by our investments in digital tools."

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