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For quarter ending June 2024, consolidated Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 6.96% to Rs 814.65 crore compared to quarter ended June 2023. Operating profit margin has jumped from 18.89% to 28.30%, leading to 60.23% rise in operating profit to Rs 230.54 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 19.85% to 16.65%. Purchase of finished goods cost fell from 21.83% to 20.80%. Employee cost decreased from 20.67% to 18.22%. Other expenses fell from 19.63% to 16.57%. Other income fell 2.20% to Rs 35.64 crore. PBIDT rose 47.62% to Rs 266.18 crore. Provision for interest rose 32.14% to Rs 0.37 crore. PBDT rose 47.64% to Rs 265.81 crore. Provision for depreciation rose 0.31% to Rs 16.41 crore. Profit before tax grew 52.37% to Rs 249.40 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 67.07 crore, compared to Rs 48.73 crore. Effective tax rate was 26.89% compared to 26.93%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 37.87% to Rs 182.33 crore. Promoters’ stake was 75.00% as of 30 June 2024 ,compared to 75.00% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 6.21% to Rs 3453.71 crore. Operating profit margin has jumped from 24.73% to 26.31%, leading to 12.98% rise in operating profit to Rs 908.69 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 13.43% to 15.50%. Purchase of finished goods cost fell from 24.77% to 24.25%. Employee cost decreased from 18.69% to 17.75%. Other expenses fell from 17.83% to 16.66%. Other income rose 21.79% to Rs 122.59 crore. PBIDT rose 13.96% to Rs 1031.28 crore. Provision for interest fell 0.55% to Rs 1.8 crore. Loan funds rose to Rs 18.67 crore as of 31 March 2024 from Rs 15.54 crore as of 31 March 2023. Inventories rose to Rs 525.05 crore as of 31 March 2024 from Rs 459.97 crore as of 31 March 2023. Sundry debtors were higher at Rs 222.06 crore as of 31 March 2024 compared to Rs 192.38 crore as of 31 March 2023. Cash and bank balance declined from Rs 1,155.93 crore as of 31 March 2023 to Rs 1,063.22 crore as of 31 March 2024. Investments rose to Rs 813.22 crore as of 31 March 2024 from Rs 518.29 crore as of 31 March 2023 . PBDT rose 13.99% to Rs 1029.48 crore. Provision for depreciation rose 5.94% to Rs 69.68 crore. Fixed assets declined from Rs 316.18 crore as of 31 March 2023 to Rs 311.65 crore as of 31 March 2024. Intangible assets declined from Rs 34.09 crore to Rs 23.55 crore. Profit before tax grew 14.62% to Rs 959.80 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -143.61 crore. Provision for tax was expense of Rs 226.23 crore, compared to Rs 228.76 crore. Effective tax rate was 27.72% compared to 27.35%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 2.91% to Rs 589.96 crore. Equity capital stood at Rs 169.41 crore as of 31 March 2024 to Rs 169.41 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 75.00% as of 31 March 2024 ,compared to 75.00% as of 31 March 2023 . Cash flow from operating activities increased to Rs 582.00 crore for year ended March 2024 from Rs 484.23 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 31.22 crore, compared to Rs 44.04 crore during the year ended March 2023.
Management Comments :
Mr. Bhushan Akshikar, Managing Director,
GlaxoSmithKline Pharmaceuticals commented, “We continue our growth momentum
across General Medicines and Vaccines portfolios while maintaining
profitability. As we celebrate hundred years of our operations in India, we
remain committed to pursuing new growth opportunities, enhancing our leadership
in key therapeutic areas and advancing our innovative omnichannel strategies to
further enhance customer experience.”
| Glaxosmithkline Pharmaceuticals : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 814.65 | 761.66 | 6.96 | 3,453.71 | 3,251.72 | 6.21 | | OPM (%) | 28.30 | 18.89 | 941 bps | 26.31 | 24.73 | 158 bps | | OP | 230.54 | 143.88 | 60.23 | 908.69 | 804.29 | 12.98 | | Other Inc. | 35.64 | 36.44 | -2.20 | 122.59 | 100.66 | 21.79 | | PBIDT | 266.18 | 180.32 | 47.62 | 1,031.28 | 904.95 | 13.96 | | Interest | 0.37 | 0.28 | 32.14 | 1.80 | 1.81 | -0.55 | | PBDT | 265.81 | 180.04 | 47.64 | 1,029.48 | 903.14 | 13.99 | | Depreciation | 16.41 | 16.36 | 0.31 | 69.68 | 65.77 | 5.94 | | PBT | 249.40 | 163.68 | 52.37 | 959.8 | 837.37 | 14.62 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 249.4 | 163.68 | 52.37 | 959.8 | 837.37 | 14.62 | | EO Income | 0 | 17.3 | - | -143.61 | -0.97 | -14,705.20 | | PBT after EO | 249.4 | 180.98 | 37.81 | 816.19 | 836.4 | -2.42 | | Taxation | 67.07 | 48.73 | 37.64 | 226.23 | 228.76 | -1.11 | | PAT | 182.33 | 132.25 | 37.87 | 589.96 | 607.64 | -2.91 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 182.33 | 132.25 | 37.87 | 589.96 | 607.64 | -2.91 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 3.05 | - | | Net profit after discontinued operations | 182.33 | 132.25 | 37.87 | 589.96 | 610.69 | -3.39 | | EPS (Rs)* | 10.76 | 7.06 | 52.44 | 40.95 | 35.91 | 14.04 | | | * EPS is on current equity of Rs 169.41 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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