GlaxoSmithKline Pharma, a Rs.2,700 crore plus MNC, has posted single digit net profit growth during the second quarter ended September 2016. Its net profit increased only by 3.5 per cent to Rs.98.85 crore from Rs.95.55 crore in the corresponding period of last year with EPS of Rs.11.7 as against Rs.11.3 in the last period. Its net profit increased by 11.8 per cent to Rs.783 crore from Rs.700 crore. EBDITA remained almost same at Rs.158.82 crore.

Sales of pharmaceutical business grew by 13 per cent during the quarter as compared to the corresponding quarter in the previous year. The sales include a 3 per cent growth arising from the vaccines asset sales agreement with Novartis India that concluded as at 30th September 2015. Sales and Net profit have been adveresely impacted by government mandatory price cuts during the prior quarter.

For the first half ended September 2016, Glaxo's net sales increased by 10 per cent to Rs.1,468 crore from Rs.1,334 crore in similar period of last year. Its net profit, however, declined by 9.7 per cent to Rs.171 crore from Rs.190 crore. Lower profit impacted its EPS which declined to Rs.20.2 from Rs.22.4 in the last period.