The pharmaceutical firm's consolidated net profit slipped 1.5% to Rs 119.28 crore on 3.7% increase in net sales to Rs 745.10 crore in Q1 FY23 over Q1 FY22.
Profit before tax (PBT) from continuing operations for the first quarter was Rs 160.03 crore, recording a growth of 9.5% YoY.Total expenses rose 1.8% YoY to Rs 596.18 crore in Q1 FY23. Cost of raw materials declined 15.3% to Rs 153.78 crore in Q1 FY23 over Q1 FY22.
Sridhar Venkatesh, managing director, GlaxoSmithKline Pharmaceuticals, said, "Our results reflect good momentum across general medicines and vaccines during the quarter. We have delivered strong underlying growth with market share gains across focus brands. Our vaccines business has maintained leadership in the self-pay segment while the overall vaccines market continues to be in decline.
During the quarter, we launched one of our innovative products, Trelegy Ellipta the first single-inhaler triple therapy (SITT) in India for Chronic Obstructive Pulmonary Disease (COPD) patients in a once-daily regime for patients aged 18 and above. With this launch, we are enabling Indian COPD patients to benefit from this world-leading medicine. We expect to build on this momentum as we continue to invest in our focus brands to drive growth."
GlaxoSmithKline Pharmaceuticals is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies.
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