GlaxoSmithKline Q2 net profit up 10.83%

Drug firm GlaxoSmithKline Pharmaceuticals today reported a 10.83 per cent increase in net profit to Rs 163.52 crore for the quarter ended June 30, 2012, on robust growth across all business verticals.

The company had posted a net profit of Rs 147.54 crore for the corresponding period previous fiscal, GlaxoSmithKline Pharmaceuticals said in a statement.

Total income of the company rose to Rs 661.86 crore for the quarter under consideration from Rs 573.85 crore reported in the year-ago period.

"The growth in net sales was 16 per cent and profit after tax and before exceptional items was 12 per cent. The core Pharmaceuticals business grew by 16.3 per cent for the quarter," the company said.

Commenting on the results GlaxoSmithKline Pharmaceuticals Managing Director Hasit B Joshipura said: "Growth for the quarter was market competitive, with all the segments delivering strong growth."

During the second quarter of this fiscal, the company also launched Uricostat for gout treatment. The company expanded its oncology portfolio by launching Hycamtin TM to fulfil unmet needs for patients with advance cancers and relapsed small cell lung cancer (SCLC), GlaxoSmithKline said.

Shares of GlaxoSmithKline Pharmaceuticals today closed at Rs 2,100.05 per scrip on the BSE, down 0.23 per cent from its previous close.

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