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Centrum Broking Report
GlaxoSmithKline Pharmaceuticals Ltd. reported revenue of Rs 7.5 billion in Q1 FY23 growing 4% YoY, led by growth in the focused brands like Augmentin, T-bact and Betnovate.
Higher investment in core brands has driven the other expenses in Q1.
Ebitda for the quarter came in at Rs 1.5 billion with margin expansion of 151 bps YoY at 20%. Adjusted profit after tax for the quarter stood at 950 million down by 11% YoY.
GSK Pharma has re-stated previous quarter giving effect to discontinued operations of its consumer brands. With sale of consumer brands, GSK would emerge as a pure play on pharma (internal medicines plus vaccines) with dedicated focus on growing its core brands.
The company could be the biggest beneficiary of price hikes of 10.76% for its National List of Essential Medicines portfolio (40% of sales under NLEM key brands like Augmentin, Betnovate, Eltroxin) which can boost earnings by ~15% for FY23-24E.
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