Moneycontrol Bureau
GlaxoSmithKline Pharmaceuticals' fourth quarter (October-December) net profit fell 15.5 percent year-on-year to Rs 117 crore, dented by lower revenues and higher expenses.
Net sales slipped 4 percent to Rs 630.6 crore while total expenses jumped 11.7 percent to Rs 524.8 crore compared to same quarter last year.
The company follows calendar year as a financial year.
For the year 2013, net profit declined 14 percent to Rs 481.7 crore and revenue was down 3 percent to Rs 2,538.3 crore compared to previous year.
The healthcare company has recommended a dividend of Rs 50 per share for the year ended 2013.
Meanwhile, the stock has not reacted negatively to earnings because of the buyback offer that commenced today.
Parent company GSK Plc is planning to raise stake in the Indian subsidiary to 75 percent in the 12-day buyback programme. It aims to acquire 2.06 crore shares of GSK Pharma at Rs 3100 per share, a 26 percent premium to the closing price before the open offer was announced. Hence, the total size of the open offer is Rs 6,390 crore.
At 14:51 hours IST, the stock rose 0.12 percent to Rs 3,017 amid high volumes on the BSE.
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