GSK Pharma - Q4 Results In-Line, Profit Impacted By Impairment: ICICI Securities

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ICICI Securities Report

GlaxoSmithKline Pharmaceuticals Ltd.’s Q4 FY21 results were broadly inline with our estimates.

Revenue grew 4.9% YoY to Rs 8.1 billion (our estimate: Rs 8.2 billion), Ebitda margin dropped 140 basis points YoY (down 300 basis points QoQ) to 21.0% (our estimate: 21.4%) while reported profit after tax declined 89.6% YoY to Rs 143 million (our estimate: Rs 1.3 billion).

Lower than estimated profit after tax was due to impairment taken on Vemgal plant.

Recovery in its key brands and supported by recently launched products (Fluarix Tetra and Menveo) have supported the performance.

We expect this trend in recovery in the acute therapies to continue in the coming quarters.

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