Other income buoys Glaxo India's net profit - Views on News from Equitymaster

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Other income buoys Glaxo India's net profit

Apr 25, 2000

Glaxo India has reported only a 7.3% growth in topline in line with the trends in the domestic pharmaceutical sector. Operating margins have crashed from 10% in the first quarter of last year to 6% in the current quarter. The net profit has grown primarily because of the doubling of the other income. The company at the last analysts meet had indicated that while the property sales at Chennai and Delhi had been concluded last year, it could restructure its brand portfolio in the current year. This would involve the sales of its older tail end brands, consolidation in areas such as antibiotics and dermatologicals and introduce new products in respiratory segments. However, the company has not clarified about the source of its other income.

The stock price has mirrored the trend in fundamentals and knocked of almost 50% of its price over the last six months.

(Rs m) FY1999 FY2000 Change
Sales 1,707 1,832 7.3%
Other Income 80 167 108.6%
Expenditure 1,535 1,725 12.4%
Operating Profit (EBDIT) 173 107 -37.8%
Operating Profit Margin (%) 10% 6%  
Interest 17 21 21.6%
Depreciation 36 39 10.4%
Profit before Tax 200 214 7.0%
Other Adjustments      
Tax 67 73 9.3%
Profit after Tax/(Loss) 133 141 5.9%
Net profit margin (%) 7.8% 7.7%  


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