GlaxoSmithKline Pharma Q2 net down 14.56% to Rs 98.29 crore

Tags: Companies
GlaxoSmithKline Pharmaceuticals today reported 14.56 per cent decline in net profit to Rs 98.29 crore for the quarter ended June 30 as the company continued to be impacted by the revamped price control order.

The company had reported a net profit of Rs 115.04 crore during the same period last year.

Net sales of the company increased 2.84 per cent to Rs 654.96 crore for the second quarter as compared to Rs 636.86 crore in the same period a year ago, GlaxoSmithKline Pharmaceuticals said in a BSE filing.

The company follows January-December financial year.

"The quarter continued to see the impact of the base effect of differential pricing cuts due to price control order, extending coverage to the National List of Essential Medicines (NLEM)," the company said.

Last year, Department of Pharmaceuticals had notified the Drugs (Prices Control) Order 2013 under which prices of 348 medicines in the NLEM have been brought under price control, thus replacing an earlier order of 1995 that regulated prices of only 74 bulk drugs.

Shares of GlaxoSmithKline Pharma were trading 0.84 per cent down at Rs 2,473.85 apiece during afternoon trade on the BSE.

EDITORIAL OF THE DAY

  • Finalising the formula for fixing the fair market value of shares calls for a detailed debate

    Whenever there is a change of regime at the Centre, the new government has its tasks cut out for execution.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Roopen Roy

High CEO pay and the gaps it leaves

Unlike the UK, Norway took a remarkable decision with its ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture