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Glaxo reports fall in turnover, sales

Oct 30, 2000

Glaxo India has reported disappointing results for the third quarter ended September 2000. The company has reported a fall in both turnover (by 4.74%) and net profit (by 4%) and this seen in the light of a 27% growth in the second quarter of the current year is disappointing. The net profit of the company stood at Rs 153.3 m on a turnover of Rs 2,361 m in the third quarter.

(Rs m) 3QFQ00 3QFY01 Change
Sales 2,479 2,361 -4.7%
Other Income 88 101 15.5%
Expenditure 2,246 2,156 -4.0%
Operating Profit (EBDIT) 233 205  
Operating Profit Margin (%) 9.4% 8.7%  
Interest 32 26 -18.4%
Depreciation 48 42 -13.7%
Profit before Tax 240 238 -0.7%
Other Adjustments      
Tax 80 85  
Profit after Tax/(Loss) 160 153 -4.1%
Net profit margin (%) 6.4% 6.5%  
Earnings per share* 10.69 10.25  

The company has attributed the depressed sales in the current quarter to the extended trade boycotts in certain southern states and reduced purchases by the trade in certain other states, primarily because of the changes in the sales tax in eastern and southern India.

For the first nine months the company’s total net profit works out to Rs 589 m and the turnover figures for the same period work out to Rs 7,061 m. These are in line with our full year turnover projection of Rs 10,050 m and net profit of Rs 850 m.

The stock quotes at Rs 431 which implies an earnings multiple of 32 times of nine months annualised FY01 earnings.

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