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Glaxo: Good Show

Apr 27, 2001

Glaxo India Ltd has posted a net profit of Rs 102 m (down 28%) for the quarter ended March 31, 2001. Net sales grew by 6.1% to Rs 1,944 m compared to Rs 1,832 m in the corresponding period last fiscal. Operating margins showed a significant improvement, increasing by more than 60 basis points. The dip in net profits was primarily due to comparatively lower other income. Other Income for the corresponding previous period last year included a income Rs 50 m from sale of brands. Barring Other Income, Profit Before Tax has in effect increased by more than 22.9%

(Rs m) 1QFY01 1QFY02 Change
Sales 1,832 1,944 6.1%
Other Income 130 64 -50.8%
Expenditure 1,689 1,781 5.4%
Operating Profit (EBDIT) 143 163 14.0%
Operating Profit Margin (%) 7.8% 8.4%  
Interest 21 23 9.5%
Depreciation 39 38 -2.6%
Profit before Tax 213 166 -22.1%
Other Adjustments      
Tax 72 64 -11.1%
Profit after Tax/(Loss) 141 102 -27.7%
Net profit margin (%) 7.7% 5.2%  
No. of Shares (eoy) (m) 60 60  
Diluted Earnings per share* 9.4 6.8  
P/E (at current price) 40.9 56.6  
(*- annualised)      

The company has also received approval of the shareholders to merge Smithkline Beecham Pharma with effect from 12th April 2001.

In a related development the company recently decided to expand the business activities of its animal health division by entering new areas like antibiotic and ectoparasite and nutrition segments, launching technically superior products in cattle and poultry segment besides launching line extension of existing products.The animal healthmarket in the country is estimated to be around Rs 8 bn with the poultry sector alone contributing 45%.

At the current market price of Rs 386, the stock is trading at 57 times its annualised 1QFY02 earnings.


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