GlaxoSmithKline Pharma posts 26 percent rise with profit of Rs 112 crore in quarter 3

Drug firm GlaxoSmithKline Pharmaceuticals Monday reported a 26 per cent rise in its standalone net profit at Rs 112.97 crore for the quarter ended December 31, 2018, mainly on account of one-time gain of Rs 28 crore. The company had posted a net profit of Rs 89.69 crore for the corresponding period of the previous fiscal, GlaxoSmithKline Pharmaceuticals said in a filing to BSE.

Standalone revenue from operations of the company stood at Rs 825.35 crore for the quarter under consideration as against Rs 703.91 crore for the same period a year ago. Commenting on the results, GlaxoSmithKline Pharmaceuticals MD A Vaidheesh said, "The business embarked on its new strategy this year, as we put in place an optimal commercial structure and worked at building capability."

New commercial model of the company is in place, with increased focus on priority brands, and expansion in field force to drive this focus, including a new trade channel strategy, he added. "Our financial performance highlights the outcomes of this execution with a headline double digit sales growth both for the quarter and year to date, underpinned by a strong volume delivery," Vaidheesh said.

Exceptional items for the quarter ended December 31, 2018, comprise profit from sale of property of Rs 23 crore and non-core brand divestments contributing Rs 5 crore." Shares of GlaxoSmithKline Pharmaceuticals ended at Rs 1,402.30 per scrip on BSE, down 0.35 per cent from its previous close.

(With inputs from agencies.)