Dragged down by lower growth of anti-infectives segment and rise in employee cost, GlaxoSmithKline (GSK) Pharmaceuticals today reported 7.57% decline in net profit for the third quarter ended September 30, 2011 to Rs 145.86 crore over the same period last fiscal.
The company had posted a net profit of Rs 157.81 crore for the third quarter ended September 30, 2011, GSK Pharmaceuticals said in a filing to the BSE.
Net sales of the firm, however, rose to Rs 607.56 crore for the third quarter, as compared to Rs 581.98 crore for the same period last fiscal.Commenting on the results GSK Pharmaceuticals Managing
Director Hasit B Joshipura said: "The mass market businesses and anti-infectives were impacted by a relatively lower growth of the market and a high base effect. The ramp up in field force during the course of the year has impacted costs."
During the quarter under review, the company's employee cost rose by 15.52% to Rs 66.09 crore, as against Rs 57.21 crore in the same period last fiscal.
The company, however, did not provide the break-up of revenues of its various business segments.
Shares of GlaxoSmithKline Pharmaceuticals today closed at Rs 2,109.55 on the BSE, up 0.98% from its previous close.