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Results - Analysis

OP up 8.96%

Glaxosmithkline Pharmaceuticals

01-Aug-2025, 09:12
On consolidated basis

Quarter ended June 2025 compared with Quarter ended June 2024.

Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has declined 1.16% to Rs 805.17 crore. Operating profit margin has jumped from 28.30% to 31.20%, leading to 8.96% rise in operating profit to Rs 251.20 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 16.65% to 14.59%. Purchase of finished goods cost rose from 20.80% to 26.44%. Employee cost decreased from 18.22% to 17.39%. Other expenses fell from 16.57% to 12.95%.

Other income rose 22.67% to Rs 43.72 crore. PBIDT rose 10.80% to Rs 294.92 crore. Provision for interest rose 13.51% to Rs 0.42 crore.

PBDT rose 10.79% to Rs 294.5 crore. Provision for depreciation fell 5.42% to Rs 15.52 crore.

Profit before tax grew 11.86% to Rs 278.98 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 73.97 crore, compared to Rs 67.07 crore. Effective tax rate was 26.51% compared to 26.89%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 12.44% to Rs 205.01 crore.

Promoters' stake was 75.00% as of 30 June 2025 ,compared to 75.00% as of 30 June 2024 .

Full year results analysis.

Net sales (including other operating income) of Glaxosmithkline Pharmaceuticals has increased 8.56% to Rs 3749.21 crore. Operating profit margin has jumped from 26.31% to 31.40%, leading to 29.57% rise in operating profit to Rs 1,177.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 15.50% to 13.50%. Purchase of finished goods cost fell from 24.25% to 22.82%. Employee cost decreased from 17.75% to 15.65%. Other expenses fell from 16.66% to 16.24%.

Other income rose 19.04% to Rs 145.93 crore. PBIDT rose 28.32% to Rs 1323.29 crore. Provision for interest fell 27.22% to Rs 1.31 crore. Loan funds declined from Rs 18.67 crore as of 31 March 2024 to Rs 9.95 crore as of 31 March 2025. Inventories declined from Rs 525.05 crore as of 31 March 2024 to Rs 481.74 crore as of 31 March 2025. Sundry debtors were higher at Rs 292.55 crore as of 31 March 2025 compared to Rs 222.06 crore as of 31 March 2024. Cash and bank balance rose to Rs 1,403.52 crore as of 31 March 2025 from Rs 1,063.22 crore as of 31 March 2024. Investments rose to Rs 1,118.25 crore as of 31 March 2025 from Rs 813.22 crore as of 31 March 2024 .

PBDT rose 28.41% to Rs 1321.98 crore. Provision for depreciation fell 4.15% to Rs 66.79 crore. Fixed assets declined from Rs 311.65 crore as of 31 March 2024 to Rs 284.64 crore as of 31 March 2025. Intangible assets declined from Rs 23.55 crore to Rs 13.33 crore.

Profit before tax grew 30.78% to Rs 1,255.19 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 332.3 crore, compared to Rs 226.23 crore. Effective tax rate was 26.38% compared to 27.72%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 57.23% to Rs 927.58 crore.

Equity capital stood at Rs 169.41 crore as of 31 March 2025 to Rs 169.41 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.

Promoters' stake was 75.00% as of 31 March 2025 ,compared to 75.00% as of 31 March 2024 .

Cash flow from operating activities increased to Rs 1,289.91 crore for year ended March 2025 from Rs 582.00 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 23.02 crore, compared to Rs 31.22 crore during the year ended March 2024.

Business highlights

In Q1 FY26, the Indian Pharmaceutical Market (IPM) grew by 8.6% YoY, while the company`s represented market (GSK's rep market) grew by 6.6% YoY, impacted by slower growth in some of its key therapeutic categories.

Management Comments :
Mr. Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals, said, 'GSK continues to invest in its innovative portfolio and is on track to launch the much-awaited oncology assets, Jemperli and Zejula. By launching these assets in India, GSK is addressing a critical unmet need amid a rising cancer burden and limited access to advanced therapies.'

Glaxosmithkline Pharmaceuticals : Consolidated Results

	Quarter ended			Year ended
Particulars	202506	202406	Var.(%)	202503	202403	Var.(%)
Net Sales (including other operating income)	805.17	814.65	-1.16	3,749.21	3,453.71	8.56
OPM (%)	31.20	28.30	290 bps	31.40	26.31	509 bps
OP	251.20	230.54	8.96	1,177.36	908.69	29.57
Other Inc.	43.72	35.64	22.67	145.93	122.59	19.04
PBIDT	294.92	266.18	10.80	1,323.29	1,031.28	28.32
Interest	0.42	0.37	13.51	1.31	1.80	-27.22
PBDT	294.50	265.81	10.79	1,321.98	1,029.48	28.41
Depreciation	15.52	16.41	-5.42	66.79	69.68	-4.15
PBT	278.98	249.40	11.86	1255.19	959.8	30.78
Share of Profit/(Loss) from Associates	0	0	-	0	0	-
PBT before EO	278.98	249.4	11.86	1255.19	959.8	30.78
EO Income	0	0	-	4.69	-143.61	LP
PBT after EO	278.98	249.4	11.86	1259.88	816.19	54.36
Taxation	73.97	67.07	10.29	332.3	226.23	46.89
PAT	205.01	182.33	12.44	927.58	589.96	57.23
Minority Interest (MI)	0	0	-	0	0	-
Net profit	205.01	182.33	12.44	927.58	589.96	57.23
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	205.01	182.33	12.44	927.58	589.96	57.23
EPS (Rs)*	12.10	10.76	12.44	54.55	40.95	33.21

* EPS is on current equity of Rs 169.41 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database