Dear All,
Forwarding you the Result Flash on Glaxo Smithkline Pharma for 1QCY2011 with a Neutral recommendation.
1QCY2011 Financials Snapshot
| Y/E Dec (`cr) | 1QCY2011 | 4QCY2010 | % chg (qoq) | 1QCY2010 | % chg (yoy) |
| Net Sales | 603 | 491 | 22.9 | 541 | 11.4 |
| Other income | 58 | 41 | 42.6 | 44 | 32.5 |
| Gross profit | 372 | 308 | 20.7 | 338 | 10.2 |
| Operating profit | 211 | 147 | 43.2 | 200 | 5.4 |
| Net profit after exceptional items | 0.5 | 116 | (99.6) | 161 | (99.7) |
1QCY2011 Financials Actuals v/s Estimates
| (`cr) | Actual | Estimates | Variation |
| Net sales | 603 | 611 | (1.3) |
| Other income | 58.01 | 28.37 | 104.5 |
| Operating profit | 210.9 | 232 | (8.9) |
| Tax | 78.2 | 84.5 | (7.5) |
| Adj Net profit | 186.3 | 171.5 | 8.6 |
1QCY2011 Standalone Financial Performance:
· The Net sales came in at `603cr (`541cr) an increase of 11.4% slightly lower than our estimates of `611cr. Net sales of the Pharma business grew by 12.4% for the quarter.
· The gross margins dropped to 61.8% (62.5%) for the quarter. The OPM came in at 35% (37.0%) lower than our estimates of 37.9% for 1QCY2011. The employee expense increased by 16.5% to `64.4cr (`55.3cr) yoy.
· The net profit came in at `0.46cr (`161.2cr) drop of 99.7%. This was majorly due to the exceptional items of `185.87cr during the quarter. Adjusting for this, the net profit increased by 15.6% to `186.3cr (`161.2cr) for 1QCY2011.
1QCY2011 Standalone Financial Performance:
| Exhibit 1: Quarterly Performance (Standalone) | ||||||||
| Y/E Dec (`cr) | 1QCY2011 | 4QCY2010 | % chg (qoq) | 1QCY2010 | % chg (yoy) | CY2010 | CY2009 | % chg |
| Net Sales | 603 | 491 | 22.9 | 541 | 11.4 | 2,112 | 1,871 | 12.9 |
| Other income | 58 | 41 | 42.6 | 44 | 32.5 | 147 | 120 | 22.4 |
| Total Income | 661 | 531 | 24.4 | 585 | 13.0 | 2,259 | 1,991 | 13.4 |
| Gross profit | 372.4 | 308 | 20.7 | 338 | 10.2 | 1,337 | 1,180 | |
| Gross margin 
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