GSK's India unit posts 9% rise in Q3 profit as input costs slump

GlaxoSmithKline Pharmaceuticals

07/02/2023 11:23

BENGALURU, Feb 7 (Reuters) - GlaxoSmithKline
Pharmaceuticals Ltd  GLAX.NS , the Indian unit of UK's GSK plc
 GSK.L , reported a 9.5% rise in third-quarter profit on
Tuesday, in line with analysts' estimates, as a sharp drop in
input costs more than offset a revenue decline.
    The Mumbai-based company, said consolidated net profit rose
to 1.65 billion rupees ($20 million) in the three months ended
Dec. 31, from 1.50 billion rupees a year ago.
    Analysts, on average, were also expecting a profit of 1.65
billion rupees, according to Refinitiv IBES data.
    Input costs for the company, which makes the Augmentin
antibiotic and T-bact oinments to fight bacterial infections,
slumped 61.2% to 470.1 million rupees.
    Consolidated revenue from operations, however, fell 1.7% to
8.02 billion rupees.
    The company's shares settled 0.2% higher at 1,240.15 rupees
ahead of the results, while the Nifty pharma index  .NIPHARM 
ended flat.
    Last week, GSK beat fourth-quarter profit and sales
forecasts and unveiled an upbeat guidance for 2023.
 
 ($1 = 82.7090 Indian rupees)
 (Reporting by Rama Venkat in Bengaluru; Editing by Savio
D'Souza)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))