GLAXO · Healthcare
Glaxosmithkline Pharmaceuticals Ltd. reported revenue of ₹815 cr for April to June 2024, +7.0% on the year and −12.4% on the quarter.
Operating profit (EBITDA) was ₹231 cr, a margin of 28.3%, +945 bps on the year and +71 bps on the quarter. Operating costs grew −5.5% against revenue growth of +7.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹182 cr, +37.9% on the year and −6.2% on the quarter, with earnings per share of ₹10.76. Profit before other income, one-offs and tax grew faster, at +67.7%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average.
On earnings per share of ₹37.78 over the last four quarters, the stock at ₹2,567.90 trades at 68.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +37.9% on the year; profit before other income, exceptional items and tax +67.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹957 cr | ₹805 cr | ₹930 cr | ₹815 cr | ₹1,011 cr | ₹949 cr | ₹974 cr | ₹805 cr | ₹980 cr | ₹1,041 cr | ₹995 cr | ₹938 cr |
| YoY | — | — | — | +7% | +6% | +18% | +5% | −1% | −3% | +10% | +2% | +17% |
| EBITDA margin | 30.2% | 27.1% | 27.6% | 28.3% | 31.8% | 30.8% | 34.2% | 31.2% | 34.3% | 35.6% | 35.3% | 31.6% |
| Other income, % of PBT | 9% | −208% | 12% | 14% | 11% | 11% | 11% | 16% | 10% | 13% | 10% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 30% | 28% | 27% | 27% | 25% | 27% | 27% | 27% | 26% | 26% | 26% |
| Net profit | ₹218 cr | ₹46.0 cr | ₹194 cr | ₹182 cr | ₹252 cr | ₹230 cr | ₹263 cr | ₹205 cr | ₹257 cr | ₹296 cr | ₹278 cr | ₹237 cr |
| YoY | — | — | — | +38% | +16% | +400% | +36% | +13% | +2% | +29% | +6% | +16% |
| Core profit YoY | — | — | — | +68% | +13% | +37% | +33% | +10% | +4% | +28% | +6% | +18% |
| EPS | ₹12.84 | ₹2.70 | ₹11.48 | ₹10.76 | ₹14.91 | ₹13.57 | ₹15.52 | ₹12.10 | ₹15.20 | ₹17.45 | ₹16.40 | ₹14.00 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Glaxosmithkline Pharmaceuticals Ltd. reported revenue of ₹815 cr (+7.0% on the year) and net profit of ₹182 cr (+37.9% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +67.7% on the year, against +37.9% for reported profit.
None of the 6 checks that could run raised a question.
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