Profit Before Tax at Rs 78 crores and Profit After Tax at Rs 53 crores both declined by 37 per cent and 33 per cent respectively, against the same prior year period
GlaxoSmithKline Pharmaceuticals declared its financial results for the quarter ended December 31, 2016. Sales for the quarter ended December 31, 2016 came in at Rs 689 crores, recording a decline of six per cent as compared to the same prior year period. Profit Before Tax (PBT) at Rs 78 crores and Profit After Tax (PAT) at Rs 53 crores both declined by 37 per cent and 33 per cent respectively, against the same prior year period.
A Vaidheesh, MD, GlaxoSmithKline Pharmaceuticals, said, “The performance of the quarter has been impacted by number of factors. The mandatory price reductions experienced in the earlier quarters of the year have adversely impacted growth by five per cent in the current quarter. The estimated impact of demonetisation adversely impacted performance by a further five per cent from our pharmaceutical product portfolio, which is predominantly within acute care, as well as from our consumer brands. The quarter was also impacted by imported supply constraints.”
The company’s cost base reduced by two per cent as compared to the same prior year quarter despite inflationary impacts and disposed of surplus assets with an exceptional income of 17.9 crore in the quarter.