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ICICI Securities Report
GlaxoSmithKline Pharmaceuticals Ltd.’s Q2 FY21 results were better than our estimates.
Revenue remained flat YoY at Rs 8.8 billion (our estimate Rs 8.2 billion), Ebitda margin improved 130 basis points YoY (up 570 basis points QoQ) to 23.3% (our estimate 22.9%) while adjusted profit after tax declined 27.8% YoY to Rs 1.2 billion (our estimate Rs 1.3 billion).
Better than expected performance was driven by steady recovery in top brands with easing of lockdown.
We expect this trend in recovery in the acute therapies to continue in the coming quarters.
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