GlaxoSmithKline Pharmaceuticals on Saturday reported 32.91 percent decline in net profit at Rs 52.95 crore for the quarter ended December 31, on account of mandatory price cuts as well as demonetisation.
The company had posted a net profit of Rs 78.93 crore for the same period of previous fiscal.
Total income from operations declined to Rs 706.38 crore in the third quarter of 2016-17 from 750.69 crore during the year-ago period, GlaxoSmithKline Pharmaceuticals said in a regulatory filing.
"The performance of the quarter has been impacted by number of factors," GlaxoSmithKline Managing Director A Vaidheesh said. "The mandatory price reductions experienced in the earlier quarters of the year have adversely impacted growth by 5 percent in the current quarter."
The estimated impact of demonetisation adversely impacted performance further by 5 per cent from the company's pharmaceutical product portfolio which is predominantly within acute care as well as from consumer brands, he added.
The quarter was also impacted by supply constraints, Vaidheesh said.
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