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GSK Consumer net down 16%

BS Reporter / Mumbai 08 Nov 16 | 01:21 AM

The consumer health care division of GlaxoSmithKline, GSK Consumer, reported a 16.6% decrease in standalone net profit to Rs 183.7 crore for the September quarter, against Rs 220.3 crore in the year-ago period.

Net sales fell 1.34% to Rs 1,135.6 crore against Rs 1,151 crore a year ago. While GSK benefited from an exceptional gain of Rs 56.1 crore in the base quarter, the company had no such cushion this quarter, contributing to the decline in net profit, analysts tracking the company said. They also said a change in accounting standards impacted net sales in the quarter under review.

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Total expenditure this quarter, analysts said, was lower by 1.56% to Rs 962.3 crore against Rs 977.61 crore last year as advertising and promotion expenditure was slashed by 13.2% for the period under review. Raw material expenditure also increased by only 1.4%, bringing down total expenditure down.

GSK Consumer's stock price was down 1.95% on BSE to close trade at Rs 5,750 per unit on Monday. The stock price remained volatile through the day, opening at Rs 5,830 per unit and falling to Rs 5,726 per unit by afternoon trade, before inching up marginally in the second session.

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