GSK Pharma Q1 net down 23% at Rs 72.27 crore

Shares of the company closed 0.89% down at Rs 3,347.50 per scrip on BSE

GlaxoSmithKline Pharmaceuticals on Thursday reported a 23.12% fall in standalone net profit at Rs 72.27 crore for the June quarter, on account of increase in expenditure.

The company had posted a net profit of Rs 94.01 crore for the same period year ago, GlaxoSmithKline Pharmaceuticals said in a BSE filing.

However, standalone total income from operations of the company rose to Rs 705.33 crore during the quarter as against Rs 651.70 crore in the corresponding period of the previous financial year.

"Sales and net profit have been adversely impacted by government mandatory price cuts during the quarter," the company said.

Shares of GlaxoSmithKline Pharmaceuticals on Thursday closed 0.89% down at Rs 3,347.50 per scrip on BSE.