GlaxoSmithKline Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 28 October 2020.

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Other income surged 88% YoY to Rs 57.92 crore in the first quarter, which includes interest on income tax refund of Rs 42.68 crore. Other income for the quarter ended 30th June 2019 includes interest on income tax refund of Rs 8.63 crore, the company said in its notes to accounts.

Profit before tax in Q1 June 2020 stood at Rs 149.14 crore, down by 15.3% from Rs 176.11 crore in Q1 June 2019. Current tax expense declined 32.4% year-on-year (YoY) to Rs 38.11 crore during the quarter.

Commenting on the results, Sridhar Venkatesh, managing director, GlaxoSmithKline Pharmaceuticals (GSK Pharma), said, We demonstrated extreme resilience in the face of the unprecedented business environment created by the COVID-19 pandemic. While keeping employee safety and well-being as our topmost concern and remaining committed to patients' access to medicines, we were the first multi-national company to get back to the field once the lockdown restrictions were lifted by the government. It is encouraging for us to note that during such challenging times our market share has grown despite the established brands not performing up to our expectations due to prevailing market conditions. The FY21 is a promising year for GSK as we are set to introduce new assets and these launches, as it happens post regulatory approvals, shall contribute to GSK firming its position as a science- and innovation-led biopharmaceutical company.

GSK Pharma is a subsidiary of GlaxoSmithKline plc, one of the world's leading research-based pharmaceutical and healthcare companies.

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Net profit of Glaxosmithkline Pharmaceuticals declined 2.39% to Rs 110.83 crore in the quarter ended June 2020 as against Rs 113.54 crore during the previous quarter ended June 2019. Sales declined 17.69% to Rs 648.59 crore in the quarter ended June 2020 as against Rs 787.97 crore during the previous quarter ended June 2019.

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GlaxoSmithKline Pharmaceuticals will hold a meeting of the Board of Directors of the Company on 29 July 2020.

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