Glaxosmithkline Pharma will hold a meeting of the Board of Directors of the Company on 25 October 2017, to approve the Un-Audited Financial Results for the quarter and half year ended 30th September,2017

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The announcement was made after market hours on Friday, 22 September 2017.

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GlaxoSmithKline Pharmaceuticals said the proposed sale of land is subject to receipt of all statutory and regulatory approvals from the concerned authorities and signing of the definitive documents between the company and Oberoi Realty in this regard.

Net profit of Glaxosmithkline Pharmaceuticals declined 63.44% to Rs 26.42 crore on 14.4% decline in net sales to Rs 586.79 crore in Q1 June 2017 over Q1 June 2016.

GlaxoSmithKline Pharmaceuticals is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies, committed to improving the quality of human life by enabling people to do more, feel better and live longer.

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The Board of Glaxosmithkline Pharmaceuticals approved the sale of the Company's land admeasuring approximately 60 acres located at Thane, Maharashtra to Oberoi Realty for a consideration of Rs 555 crore. The proposed sale of land is subject to receipt of all statutory and regulatory approvals from the concerned authorities and signing of the definitive documents between the Company and Oberoi Realty in this regard.

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Net profit of Glaxosmithkline Pharmaceuticals declined 63.44% to Rs 26.42 crore in the quarter ended June 2017 as against Rs 72.27 crore during the previous quarter ended June 2016. Sales declined 14.36% to Rs 586.79 crore in the quarter ended June 2017 as against Rs 685.21 crore during the previous quarter ended June 2016.

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