GlaxoSmithKline Pharmaceuticals (GSK), a leading multinational pharma major in India, has suffered setback and its net profit after exceptional items declined by 50.3 per cent to Rs 103.59 crore during the fourth quarter ended December 2009 from Rs 208.47 crore in the similar period of last year. It provided exceptional expenditure of Rs 3.13 crore as compared to income of Rs 119.31 crore in the last period. The net profit before exceptional items moved up by 19.7 per cent to Rs 106.72 crore from Rs 89.16 crore. However, with fall in net profit, its earnings per share nosedived to Rs 12.2 from Rs 24.6 in the last period.
The company management declared equity dividend of 300 per cent for the year 2009 as compared to 400 per cent (including special dividend of 180 per cent) in the last year. The GSK scrip declined marginally by Rs 1.45 to Rs 1576.85 on BSE today.
GSK's net sales increased by 20.6 per cent during the quarter under review to Rs 444.40 crore from Rs 368.45 crore in the corresponding period of last year. The growth in gross sales was impacted on account of lower selling prices as a result of the benefit of excise duty reduction being passed on to the consumer. The earnings before interest, depreciation, taxation and adjustments (EBDITA) reached at Rs 143.84 crore from Rs 111.85 crore, a growth of 28.6 per cent. Its employees cost went up by 33.7 per cent to Rs 56.83 crore from Rs 42.52 crore.
For the full year ended December 2009, GSK's net sales increased by 12.7 per cent to Rs 1,871 crore from Rs 1,660 crore in the previous year. Its EBDITA moved up by 10.7 per cent to Rs 692.94 crore from Rs 626.22 crore. However, after providing exceptional items, its net profit declined by 11.2 per cent to Rs 512.29 crore from Rs 576.57 crore. The company shown exceptional income of Rs 7.40 crore during 2009 as compared to Rs 128.21 crore in the preceding year. Its yearly earning per share reached to Rs 60.5 from Rs 68.1 in the last year.
The company's consolidated net sales, including working of its wholly owned subsidiary, Biddle Sawyer Ltd, reached at Rs 1,908 crore from Rs 1,693 crore in the year 2008, representing a growth of 12.7 per cent. Its consolidated net profit, however, declined by 14.1 per cent to Rs 507.86 crore from Rs 591.09 crore in the previous year.