GSK Consumer - Q2CY2013 Result Review - Angel Broking

For 2QCY2013 Glaxo Consumer's performance was below expectations on bottom-line front. The top-line rose by 16.9% yoy to Rs. 852cr aided by both higher volumes and better realizations. The price hikes undertaken by the company in past one year resulted in better realizations. However, OPM fell by 126bp yoy to 13.9% due to increase in advertising and other expenses as a percentage of sales. Other income rose by 32.7% yoy to Rs. 76cr. Bottom-line rose by 12.5% yoy to Rs. 120cr.

We maintain our Neutral recommendation on the stock.

Source : Equity Bulls

Keywords