GlaxoSmithKline Consumer Healthcare (erstwhile SmithKline Beecham Consumer Healthcare) has reported nearly 8% growth in net sales (value terms) and 4.8% (volume terms) during the December quarter. However, weakness in the operating margins continued and the company finished the quarter with over 35% dip in profit before tax. However, owing to a deferred tax credit, which the company got the benefit of, GSK Consumer finished December quarter with over 83% net profit growth.
(Rs m) | 4QFY03 | 4QFY04 | Change | FY03 | FY03 | Change |
Net sales | 1,782 | 1,917 | 7.6% | 7,525 | 7,991 | 6.2% |
Other Income | 40 | 46 | 14.3% | 146 | 194 | 32.8% |
Expenditure | 1,516 | 1,753 | 15.6% | 6,026 | 6,836 | 13.4% |
Operating Profit (EBDIT) | 266 | 165 | -38.1% | 1,498 | 1,155 | -22.9% |
Operating Profit Margin (%) | 14.9% | 8.6% | 19.9% | 14.5% | ||
Interest (net) | 8 | -9 | - | 24 | -4 | - |
Depreciation | 96 | 89 | -7.6% | 257 | 358 | 39.1% |
Profit before Tax | 202 | 130 | -35.4% | 1,364 | 996 | -27.0% |
Tax | 69 | -64 | - | 453 | 232 | -48.7% |
Extraordinary items | -26 | 0 | - | -61 | 0 | - |
Profit after Tax/(Loss) | 106 | 194 | 83.6% | 850 | 764 | -10.2% |
Net profit margin (%) | 5.9% | 10.1% | 11.3% | 9.6% | ||
No. of Shares (eoy) (m) | 45.4 | 45.4 | 45.4 | 45.4 | ||
Diluted Earnings per share* | 9.3 | 17.1 | 18.7 | 16.8 | ||
*(annualised) | ||||||
Current P/e ratio | 17.2 | 17.5 |