Quarterly profit rises 2% as revenue falls 3%; Nashik solar project approved
GLAXO · price
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On the reaction day the stock moved 0.2 pts less than Nifty Midcap 150 and 0.3 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Quarter revenue fell 3.1% to Rs 97,994 lakh; profit rose 2.0% to Rs 25,749 lakh. Six-month revenue fell 2.2% to Rs 178,511 lakh; profit rose 6.4% to Rs 46,250 lakh. Operating cash flow totaled Rs 18,374 lakh. Revenue margin before interest, tax, depreciation and amortization rose to 37.7% from 35.2%. Board approved Rs 1.74 crore for a 26% stake in a 4.95 MW Nashik solar project. Exceptional credit: Rs 264 lakh property-sale gain.
Higher profit, wider margins and positive cash flow may support the stock, but lower sales and a one-off property gain temper the outlook.