GlaxoSmithKline Consumer Healthcare on Thursday reported a 23.76 per cent year-on-year rise in net profit to Rs 248.08 crore for the first quarter ended June 30, 2019.
"The company, which owns health foods drink (HFD) brands like Horlicks, Boost, and Maltova, had posted a net profit of Rs 200.44 crore for the corresponding period of the previous fiscal," GSK Consumer Healthcare said in a filing to the Bombay Stock Exchange.
Total income of the fast-moving consumer healthcare company grew by 9.74 per cent to Rs 1,320.90 crore for the quarter under review as against Rs 1,203.59 crore for the same period a year ago. The other income increased to 126.58 crore compared to Rs 96.45 crore in the year ago period.
The company's total expenses rose to Rs 935.24 crore versus Rs 891.73 crore in the same quarter last year, GSK Consumer Healthcare said in the regulatory filing.
In December last year, the board of GSK Consumer Healthcare had approved a scheme of amalgamation between the company and Hindustan Unilever limited (HUL). In one of the biggest deals across the consumer goods space, FMCG major HUL had agreed to acquire British healthcare company GlaxoSmithKline's India consumer business, including the popular Horlicks, Boost and other brands, for Rs 31,700 crore.
The all-equity merger transaction, which had got green signal from the equity shareholders and unsecured creditors of the company, was pending before the National Company Law Tribunal (NCLT) for approval, the company said in the exchange filing.
With this proposed strategic merger with GSK Consumer Healthcare India (GSK CH), HUL plans to expand its portfolio with great brands into a new category catering to the nutritional needs of our consumers.
Ahead of earnings announcement, shares of GlaxoSmithKline Consumer Healthcare closed 0.50 per cent lower at Rs 7,379.40 apiece on the Bombay Stock Exchange on Thursday.
Edited by Chitranjan Kumar