The pharmaceutical major's consolidated net profit grew 9.2% to Rs 121.08 crore on a 21.8% rise in net sales to Rs 789.99 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Consolidated profit before tax rose 10.6% to Rs 164.90 crore in Q1 FY22 as against Rs 149.14 crore in Q1 FY21. The Q1 earnings was declared after trading hours yesterday, 26 July 2021.
Commenting on the Q1 results, Sridhar Venkatesh, the managing director of GlaxoSmithKline Pharmaceuticals, has said that: "We continue to show remarkable resilience and deliver growth despite the headwinds caused by the COVID-19 pandemic. Our pharmaceutical manufacturing team worked round the clock to fulfill significantly increased demand for our key brands, especially for Calpol (paracetamol)."
Meanwhile, the board of Glaxosmithkline Pharmaceuticals has acknowledged the gratuitous transfer of the legal title and certain rights in respect of trademarks pertaining to 'Iodex' and 'Ostocalcium' brands in India, to the company by Glaxo Group. The transfer of the trademarks 'pertaining to 'Iodex' and 'Ostocalcium' brands in India along with legal, economic, commercial and marketing rights of such brands and other associated assets to GlaxoSmithKline Asia with respective values aggregate to Rs 1,649.01 crore. The acquisition of assets and liabilities associated with the vaccines business of GlaxoSmithKline Asia will be for a consideration of Rs 1.66 crore.
Glaxosmithkline Pharmaceuticals is a subsidiary of GlaxoSmithKline PLC, one of the world's leading research-based pharmaceutical and healthcare companies.
Shares of Glaxosmithkline Pharmaceuticals slipped 1.81% to Rs 1,694.90 on BSE. It traded in the range of Rs 1,690.70 and Rs 1,765.95 during the day.
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