GSK Consumer Q2 profit up 4.73% at Rs 192 crore
PTI|
Nov 07, 2017, 08.14 PM IST
GlaxoSmithKline Consumer Healthcare (GSKCH) today reported 4.73 per cent increase in net profit at Rs 192.41 crore for the second quarter ended September 30, 2017-18.
It had posted net profit of Rs 183.72 crore in the same period of last fiscal, 2016-17, GlaxoSmithKline Consumer Healthcare said in a BSE filing.
Its revenue from operations was at Rs 1,115.32 crore. It was at Rs 1,192.76 crore in the year-ago period.
The company said the figure for period up to June 30, 2017 are not relatable to those thereafter consequent to introduction of Goods and Services Tax on July 1. Taxes such central excise and VAT have been subsumed in GST.
"Levy of excise duty, octroi, non-cenvatable service tax etc., which were treated as part of the cost earlier is now included under GST and is netted off from turnover resulting in reduction in reported revenue," the company aid in a statement.
GSKCH Managing Director Manoj Kumar said the company's domestic revenue was driven by market penetration, increased access to products and stepped up investments on advertising and promotion.
"Horlicks and Boost continue to have strong consumer connect, backed by seamless on-ground execution. Our GST transition has been overall smooth and swift without any major business disruption," he added.
On the outlook, he said: "We are confident that with the stabilisation of GST implementation the external environment will be more conducive to growth."
It had posted net profit of Rs 183.72 crore in the same period of last fiscal, 2016-17, GlaxoSmithKline Consumer Healthcare said in a BSE filing.
Its revenue from operations was at Rs 1,115.32 crore. It was at Rs 1,192.76 crore in the year-ago period.
The company said the figure for period up to June 30, 2017 are not relatable to those thereafter consequent to introduction of Goods and Services Tax on July 1. Taxes such central excise and VAT have been subsumed in GST.
"Levy of excise duty, octroi, non-cenvatable service tax etc., which were treated as part of the cost earlier is now included under GST and is netted off from turnover resulting in reduction in reported revenue," the company aid in a statement.
GSKCH Managing Director Manoj Kumar said the company's domestic revenue was driven by market penetration, increased access to products and stepped up investments on advertising and promotion.
"Horlicks and Boost continue to have strong consumer connect, backed by seamless on-ground execution. Our GST transition has been overall smooth and swift without any major business disruption," he added.
On the outlook, he said: "We are confident that with the stabilisation of GST implementation the external environment will be more conducive to growth."
