For
the quarter ending Dec 2023, consolidated Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 0.37% to Rs 805.26 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 28.51% to 27.08%, leading to 4.65% decline in operating profit to Rs 218.06 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 6.85% to 12.26%. Purchase of finished goods cost rose from 18.17% to 21.91%. Employee cost decreased from 22.31% to 19.05%. Other expenses fell from 19.32% to 17.39%. Other income rose 20.03% to Rs 28.11 crore. PBIDT fell 2.36% to Rs 246.17 crore. Provision for interest rose 255.56% to Rs 0.32 crore.
PBDT fell 2.45% to Rs 245.85 crore. Provision for depreciation rose 4.27% to Rs 17.11 crore.
Profit before tax down 2.92% to Rs 228.74 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -163.31 crore. Provision for tax was expense of Rs 19.71 crore, compared to Rs 59.69 crore. Effective tax rate was 30.12% compared to 26.62%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 72.22% to Rs 45.72 crore. Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 2.42% to Rs 2523.91 crore.
Operating profit margin has jumped from 25.75% to 25.81%, leading to 2.66% rise in operating profit to Rs 651.43 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 13.51% to 13.65%. Purchase of finished goods cost fell from 24.74% to 23.95%. Employee cost increased from 18.08% to 18.10%. Other expenses rose from 17.97% to 18.18%. Other income rose 27.07% to Rs 92.76 crore. PBIDT rose 5.18% to Rs 744.19 crore. Provision for interest fell 11.21% to Rs 1.03 crore.
PBDT rose 5.21% to Rs 743.16 crore. Provision for depreciation rose 6.15% to Rs 51.58 crore.
Profit before tax grew 5.14% to Rs 691.58 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -146.01 crore. Provision for tax was expense of Rs 150.09 crore, compared to Rs 172.22 crore. Effective tax rate was 27.51% compared to 26.64%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 16.60% to Rs 395.48 crore.
Promoters’ stake was 75.00% as of 31 December 2023 ,compared to 75.00% as of 31 December 2022 .
Full year results analysis.
Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has declined 0.80% to Rs 3251.72 crore. Operating profit margin has jumped from 23.24% to 24.73%, leading to 5.57% rise in operating profit to Rs 804.29 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 18.73% to 13.43%. Purchase of finished goods cost rose from 22.36% to 24.77%. Employee cost decreased from 18.70% to 18.69%. Other expenses rose from 16.85% to 17.83%. Other income rose 32.83% to Rs 100.66 crore. PBIDT rose 8.03% to Rs 904.95 crore. Provision for interest fell 9.50% to Rs 1.81 crore. Loan funds declined from Rs 20.07 crore as of 31 March 2022 to Rs 15.54 crore as of 31 March 2023. Inventories declined from Rs 534.70 crore as of 31 March 2022 to Rs 459.97 crore as of 31 March 2023. Sundry debtors were lower at Rs 192.38 crore as of 31 March 2023 compared to Rs 205.24 crore as of 31 March 2022. Cash and bank balance declined from Rs 2,484.51 crore as of 31 March 2022 to Rs 1,155.93 crore as of 31 March 2023. Investments rose to Rs 518.29 crore as of 31 March 2023 from Rs 365.59 crore as of 31 March 2022 .
PBDT rose 8.08% to Rs 903.14 crore. Provision for depreciation fell 3.55% to Rs 65.77 crore. Fixed assets declined from Rs 326.65 crore as of 31 March 2022 to Rs 316.18 crore as of 31 March 2023. Intangible assets declined from Rs 34.50 crore to Rs 34.09 crore.
Profit before tax grew 9.11% to Rs 837.37 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 228.76 crore, compared to Rs 398.28 crore. Effective tax rate was 27.35% compared to 51.12%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 59.58% to Rs 607.64 crore.
Equity capital stood at Rs 169.41 crore as of 31 March 2023 to Rs 169.41 crore as of 31 March 2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 75.00% as of 31 March 2023 ,compared to 75.00% as of 31 March 2022 .
Cash flow from operating activities decreased to Rs 484.23 crore for year ended March 2023 from Rs 810.74 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 44.04 crore, compared to Rs 34.64 crore during the year ended March 2022.
Management Comments :
Mr. Bhushan Akshikar, Managing Director,
GlaxoSmithKline Pharmaceuticals commented, "We remain committed to new
category development in areas like Adult Immunization with products like
Shingrix to make a positive impact to the lives of the patients in India. We
will continue to drive operational efficiency and explore new innovative
solutions including Omnichannel Strategy to expand reach and coverage to the
target segments.”