GlaxoSmithKline Pharmaceuticals Ltd., a leading pharma and Indian arm of the UK-based drug maker GlaxoSmithKline Plc., reported a marginal increase in its stand-alone net profit for the fourth-quarter, despite a challenging operating environment, material cost increased and significant investments in field force expansion. The company declared dividend for the fiscal year.
Stand-alone Results
The Mumbai-based company reported a fourth-quarter stand-alone net profit of Rs.138.51 crore or Rs.16.40 per share, higher by one percent than Rs.136.74 crore or Rs.16.10 per share reported in the corresponding quarter last year.
Results for the quarter included a one-time charge of Rs.29.69 crore under the exceptional items, compared with a charge of Rs.15.75 crore in the year-ago quarter, due to rationalization initiatives at a manufacturing site and actuarial loss on employee benefits.
The company said profit before exceptional items was around seven percent.
Its quarterly net sales stood at Rs.656.69 crore, compared with Rs.566.03 crore for the same period last year, an increase of 16 percent, while other operating income totaled Rs.5.91 crore, compared with Rs.11.57 crore in Q4FY11.
Other income for the quarter amounted to Rs.41.74 crore, compared with Rs.41.65 crore in the preceding year quarter.
For the full year, the company's stand-alone net profit increased by 34 percent to Rs.577.26 crore from the Rs.430.60 crore in 2011.
Results for the year included a one-time charge of Rs.148.22 crore, under the exceptional items, compared with a charge of Rs.322.54 crore a year-ago. Profit for the year before exceptional items was around seven percent, it said.
Total net income from operations, including other operating income, for the year stood at Rs.2,630.30 crore, compared with Rs.2,375.88 crore last year, registering a 11 percent growth.
Other income for the year was Rs.193.48 crore, compared with Rs.159.62 crore last year.
Consolidated Results
GSK Pharma reported fiscal year consolidated net profit of Rs.561.88 crore, up by 31 percent from the Rs.428.58 crore a year-ago. Net sales increased by ten percent to Rs.2,621.41 crore from the Rs.2,378.48 crore last year, while other operating income was Rs.29.13 crore, compared with Rs.35.91 crore a year-ago.
Other income for the year was Rs.174.31 crore, compared with Rs.145.28 crore last year.
The company's Board recommended a dividend of 500 percent or Rs.50 per equity share of Rs.10 each for the fiscal year 2012. The dividend will be payable on April 17, 2013.
Commenting on the performance, Managing Director Hasit B. Joshipura said, "In 2012, growth was broad based across the company. Mass markets grew well. Vaccines continued the growth momentum by growing ahead of the market. Mass Specialty and Specialty, both showed market competitive growth."
At the BSE, GlaxoSmithKline Pharma closed Tuesday's trading at Rs.2,102.95, up Rs.11.55 or 0.55 percent from the previous close.
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