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Thread: GlaxoSmithKline Pharmaceuticals Limited (NSE:GLAXO) (BSE:500660)

  1. #1
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    GlaxoSmithKline Pharmaceuticals Limited (NSE:GLAXO) (BSE:500660)

    GlaxoSmithKline Pharmaceuticals Limited is a healthcare company. The Company is engaged in the business of manufacturing, distributing and trading in pharmaceuticals. The Company's product portfolio includes prescription medicines and vaccines. The Company's prescription medicines range across therapeutic areas, such as anti-infectives, dermatology, gynecology, diabetes, oncology, cardiovascular disease and respiratory diseases. The Company also offers a range of vaccines, for the prevention of hepatitis A, hepatitis B, invasive disease caused by H, influenza, chickenpox, diphtheria, pertussis, tetanus, rotavirus, cervical cancer, streptococcus pneumonia and others. The Company's dermatology brands include Betnovate, TBact and Tenovate, and cosmetology brands include Ansolar, Oilatum and Physiogel.

    Official Website: www.gsk-india.com

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    For 1QFY2016, GlaxoSmithKline Pharmaceuticals (GSK Pharma) posted lowerthan- expected results on the sales, OPM and net profit fronts. It posted sales of Rs622cr V/s an expected Rs700cr and V/s Rs655cr in 2QCY2015, a decline of 5.1% yoy. Sales during the quarter were impacted by supply constraints. On the operating front, the gross margin came in at 55.0% V/s an expected 57.5% and V/s 51.5% in 2QCY2015. Inspite of the same, the OPM came in at 16.7% V/s an expected 20.9% and V/s 16.7% in 2QCY2015, ie almost flat. This was mainly on account of lower sales during the quarter. Consequently, the Adj. PAT came in at Rs95cr V/s an expected Rs135cr and V/s Rs98cr in 2QCY2015, a decline of 3.5% yoy. We maintain our Neutral rating on the stock, taking into account the stock’s valuation. Results below our expectations: The company posted sales of Rs622cr V/s an expected Rs700cr and V/s Rs655cr in 2QCY2015, a decline of 5.1% yoy. Sales during the quarter were impacted by supply constraints. On the operating front, the gross margin came in at 55.0% V/s an expected 57.5% and V/s 51.5% in 2QCY2015. Inspite of the same, the OPM came in at 16.7% V/s an expected 20.9% and V/s 16.7% in 2QCY2015, ie almost flat. This was mainly on account of lower sales during the quarter. Consequently, the Adj. PAT came in at Rs95cr V/s an expected Rs135cr and V/s Rs98cr in 2QCY2015, a decline of 3.5% yoy. Outlook and valuation: The Company has a strong balance sheet with cash of ~Rs2,000cr, which could be used for future acquisitions or higher dividend payouts. On the operational front, we expect the company’s net sales to post a CAGR of 9.8% to Rs3,158cr and EPS to register a mere CAGR of 6.6% to Rs68.3 over FY2015–17E. We remain Neutral on the stock.

    Source: http://www.angelbroking.com/
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