GLAXO Results: Annual Results of Glaxosmithkline Pharmaceuticals

Y/e 31 Mar	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Growth matrix (%)
Revenue growth	12	(9.30)	10.90	2.49
Op profit growth	27.40	(9)	56.90	(12)
EBIT growth	22.10	(3.60)	40.30	(19)
Net profit growth	373	284	(72)	(10)
Profitability ratios (%)
OPM	23.20	20.40	20.40	14.40
EBIT margin	23.50	21.50	20.30	16
Net profit margin	51.70	12.20	2.89	11.60
RoCE	36.90	37.80	33.90	22.10
RoNW	20.50	5.43	1.22	4.02
RoA	20.30	5.37	1.21	3.99
Per share ratios ()
EPS	100	21.10	5.50	39.80
Dividend per share	90	30	40	30
Cash EPS	96	16.50	0.62	36.70
Book value per share	157	87.30	107	237
Valuation ratios
P/E	16.60	68.10	226	34.40
P/CEPS	17.30	87.30	2,004	37.30
P/B	10.60	16.50	11.60	5.77
EV/EBIDTA	30.70	32.80	27.20	45.30
Payout (%)
Dividend payout	--	--	--	75.40
Tax payout	(52)	(27)	(33)	(37)
Liquidity ratios
Debtor days	23.40	19.70	15.30	18.70
Inventory days	60.20	64.20	51.40	59.70
Creditor days	(75)	(67)	(64)	(68)
Leverage ratios
Interest coverage	(385)	(178)	(103)	(1,863)
Net debt / equity	(0.90)	(0.80)	(0.60)	(0.40)
Net debt / op. profit	(3.30)	(1.90)	(1.60)	(2.10)
Cost breakup ()
Material costs	(41)	(43)	(41)	(48)
Employee costs	(19)	(21)	(19)	(17)
Other costs	(17)	(16)	(20)	(21)

Y/e 31 Mar( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Revenue	3,278	2,926	3,224	2,908
yoy growth (%)	12	(9.30)	10.90	2.49
Raw materials	(1,356)	(1,257)	(1,308)	(1,398)
As % of sales	41.40	43	40.60	48.10
Employee costs	(610)	(616)	(629)	(483)
As % of sales	18.60	21.10	19.50	16.60
Other costs	(550)	(454)	(631)	(609)
As % of sales	16.80	15.50	19.60	20.90
Operating profit	762	598	657	419
OPM	23.20	20.40	20.40	14.40
Depreciation	(68)	(79)	(83)	(26)
Interest expense	(2)	(3.50)	(6.30)	(0.30)
Other income	75.80	111	79	73.10
Profit before tax	767	627	647	465
Taxes	(398)	(167)	(213)	(174)
Tax rate	(52)	(27)	(33)	(37)
Minorities and other	1,314	70.90	--	--
Adj. profit	1,683	531	435	291
Exceptional items	11.60	(173)	(341)	45.70
Net profit	1,695	358	93.20	337
yoy growth (%)	373	284	(72)	(10)
NPM	51.70	12.20	2.89	11.60

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2018
Revenue	3,218	2,920	3,225	2,872
yoy growth (%)	10.20	(9.40)	12.30	(1.10)
Raw materials	(1,296)	(1,249)	(1,308)	(1,241)
As % of sales	40.30	42.80	40.60	43.20
Employee costs	(610)	(616)	(629)	(523)
As % of sales	19	21.10	19.50	18.20
Other costs	(556)	(457)	(630)	(599)
As % of sales	17.30	15.70	19.50	20.90
Operating profit	756	598	658	508
OPM	23.50	20.50	20.40	17.70
Depreciation	(68)	(79)	(83)	(38)
Interest expense	(2)	(3.50)	(6.30)	(0.20)
Other income	76.20	110	77.60	53.50
Profit before tax	762	626	647	524
Taxes	(397)	(167)	(212)	(190)
Tax rate	(52)	(27)	(33)	(36)
Minorities and other	1,314	70.90	--	--
Adj. profit	1,679	530	435	334
Exceptional items	11.60	(173)	(324)	17.80
Net profit	1,691	358	110	352
yoy growth (%)	373	225	(69)	4.52
NPM	52.50	12.20	3.41	12.30

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2017
Profit before tax	767	627	647	465
Depreciation	(68)	(79)	(83)	(26)
Tax paid	(398)	(167)	(213)	(174)
Working capital	(45)	(918)	(972)	(526)
Other operating items	--	--	--	--
Operating cashflow	256	(536)	(620)	(262)
Capital expenditure	293	287	1,111	(58)
Free cash flow	549	(250)	491	(320)
Equity raised	2,735	2,958	3,548	3,584
Investments	253	(55)	(10)	--
Debt financing/disposal	4.91	4.61	4.32	4.72
Dividends paid	--	--	--	254
Other items	--	--	--	--
Net in cash	3,542	2,657	4,033	3,523

Y/e 31 Mar ( In .Cr)	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Equity capital	169	169	169	169
Preference capital	--	--	--	--
Reserves	2,494	1,309	1,651	1,970
Net worth	2,663	1,478	1,821	2,140
Minority interest
Debt	--	0.02	0.18	0.58
Deferred tax liabilities (net)	18.90	15.60	17.20	24.10
Total liabilities	2,682	1,494	1,838	2,165
Fixed assets	361	400	878	1,434
Intangible assets
Investments	366	--	--	0.06
Deferred tax asset (net)	132	119	128	86.30
Net working capital	(661)	(183)	(251)	(527)
Inventories	535	547	483	486
Inventory Days	59.50	68.20	54.70	--
Sundry debtors	205	216	99.80	120
Debtor days	22.90	26.90	11.30	--
Other current assets	569	691	479	636
Sundry creditors	(572)	(468)	(381)	(483)
Creditor days	63.70	58.40	43.10	--
Other current liabilities	(1,398)	(1,168)	(931)	(1,288)
Cash	2,485	1,158	1,083	1,171
Total assets	2,682	1,494	1,838	2,165

Select Period

Particulars ( Rupees In Crores.)	Mar-2022	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Gross Sales	3,278	2,926	3,224	3,128	2,896
Excise Duty	--	--	--	--	24.20
Net Sales	3,278	2,926	3,224	3,128	2,871
Other Operating Income	--	--	--	--	--
Other Income	1,401	181	79	131	72.30
Total Income	4,679	3,107	3,303	3,259	2,944
Total Expenditure **	2,516	2,500	2,909	2,527	2,366
PBIDT	2,163	607	395	732	578
Interest	2	3.53	6.34	0.55	0.19
PBDT	2,161	603	388	731	578
Depreciation	68.20	78.60	82.70	48.60	38
Minority Interest Before NP	--	--	--	--	--
Tax	408	159	260	193	204
Deferred Tax	(9.40)	8.05	(48)	44.50	(15)
Reported Profit After Tax	1,695	358	93.20	445	351
Minority Interest After NP	--	--	--	--	--
Net Profit after Minority Interest	1,695	358	93.20	445	351
Extra-ordinary Items	5.52	(109)	(51)	18.70	11.10
Adjusted Profit After Extra-ordinary item	1,689	467	144	427	340
EPS (Unit Curr.)	100	21.10	5.50	26.30	41.40
Book Value (Unit Curr.)	--	--	--	--	--
Dividend (%)	900	300	400	200	350
Equity	169	169	169	169	84.70
Public Shareholding (Number)	--	--	--	--	--
Public Shareholding (%)	--	--	--	--	--
Pledged/Encumbered - No. of Shares	--	--	--	--	--
Pledged/Encumbered - % in Total Promoters Holding	--	--	--	--	--
Pledged/Encumbered - % in Total Equity	--	--	--	--	--
Non Encumbered - No. of Shares	--	--	--	--	--
Non Encumbered - % in Total Promoters Holding	--	--	--	--	--
Non Encumbered - % in Total Equity	--	--	--	--	--
PBIDTM(%)	66	20.70	12.20	23.40	20.10
PBDTM(%)	65.90	20.60	12	23.40	20.10
PATM(%)	51.70	12.20	2.89	14.20	12.20