Global healthcare company GlaxoSmithKline Pharmaceuticals Ltd (GSK) announced on September 3, 2024, that it has received an income tax refund of Rs 222.23 crore for the assessment year 2022-23, following an order issued by the Income Tax Department under Section 143(3). The refund includes interest and was disclosed in a stock exchange filing by the company.
In other financial updates, GSK Pharmaceuticals reported a robust 37.8% year-on-year (YoY) increase in net profit for the first quarter ending June 30, 2024, reaching Rs 182.3 crore, compared to Rs 132.3 crore in the same quarter last year. Revenue also saw a 7% rise, climbing to Rs 814.7 crore from Rs 761.7 crore in the previous fiscal period.
The company's operating performance was particularly strong, with EBITDA surging by 60.1% to Rs 230.6 crore from Rs 144 crore in the corresponding quarter of the last fiscal. The EBITDA margin for the quarter stood at 28.3%, a notable improvement from 18.9% in the same period last year.
GSK's growth continues to be driven by key brands like Calpol, Augmentin, and T-Bact, which gained market share, contributing to an overall 10% growth. The company's respiratory portfolio, featuring products like Nucala and Trelegy, also showed impressive growth, registering a 57% increase by expanding patient access.
On the stock market, shares of GSK Pharmaceuticals closed at Rs 2,836.20 on Tuesday, up Rs 53.90, or 1.94%, on the Bombay Stock Exchange (BSE).
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