GlaxoSmithKline Pharma reported 10.10% growth in gross revenues for the Dec-20 quarter on consolidated basis at Rs857.20cr. The sales revenues showed growth on a yoy basis but actually lower by around 2.5% on sequential basis since India sales for most pharma companies actually peaked in the Sep-20 quarter.
For the Dec-20 quarter, the consolidated operating profits were up 77.07% at Rs187.80cr. The operating profits benefited substantially from a sharp fall in materials consumption expenses. Also, the company initiated cost control initiatives helped to cut down on the miscellaneous expenses component of operating costs. OPM got a big boost from 13.62% in the Dec-19 quarter to 21.91% in Dec-20 quarter.
The consolidated Profit after tax (PAT) for the Dec-20 quarter turned around to a profit of Rs156.51 crore as against a net loss of Rs-661cr in the Dec-19 quarter. The hug net loss in Dec-19 was due to an exceptional loss of Rs754cr. This included Rs640cr on account of under utilization of manufacturing facilities and another Rs96cr on account of global recall of the ranitidine products, including Zinetac in India.
In the Dec-20 quarter the company booked exceptional gains of Rs10.5cr on account of reversal of excess provisions for product recall of Zinetac. These factors combined to result in a huge loss in Dec-19 quarter and a sharp turnaround in the Dec-20 quarter.
Financial highlights for Dec-20 compared yoy and sequentially
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GlaxoSmithKline Pharma |
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Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
|
Total Income (Rs cr) |
₹ 857.20 |
₹ 778.59 |
10.10% |
₹ 879.32 |
-2.52% |
|
Operating Profit (Rs cr) |
₹ 187.80 |
₹ 106.06 |
77.07% |
₹ 182.90 |
2.68% |
|
Net Profit (Rs cr) |
₹ 156.51 |
₹ -661.16 |
N.A. |
₹ 76.46 |
104.70% |
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Diluted EPS (Rs) |
₹ 9.24 |
₹ -39.03 |
|
₹ 4.51 |
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OPM |
21.91% |
13.62% |
|
20.80% |
|
|
Net Margins |
18.26% |
-84.92% |
|
8.70% |
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