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Glaxo posts net of Rs 15.3 cr
Our Corporate Bureau
Mumbai, Oct 30: Glaxo (India) on Monday reported a flat growth in net profit to Rs 15.33 crore for the quarter ended September 2000, as against Rs 15.98 crore in the corresponding quarter last year. Net sales declined by 4.7 per cent to Rs 236.10 crore from Rs 247.86 crore in the same period. Primary sales were depressed on account of extended trade boycotts in certain southern states and reduced purchases by the trade in certain other states, the company said. The boycott was primarily because of several changes in sales tax rates, particularly in eastern and central India. However, secondary sales at the retail level were healthy and more or less in line with market growths as reported by ORG, the release said.Burroughs Wellcome (India) has posted a 38.2 per cent decline in net profit to Rs 5.53 crore for the quarter ended September 2000 as against Rs 8.96 crore in the corresponding quarter last year. Net sales declined by 18.1 per cent to Rs 52.42 crore from Rs 64.06 crore in the same period. The top and bottomline of the company was adversely affected due to a significant price reduction on the company ace product, Septran, a release added. Meanwhile, cumulatively Glaxo, Burroughs Wellcome and the Biddle Sawyer companies have recorded a sales growth of around eight per cent and a profit growth of around 19 per cent, a company release said. After the successful launch of the Seretide Accuhaler for asthma, Glaxo will soon be launching a CFC free metered dose inhaler of Seretide. Realisations from the sale of tail-end brands (Rs 15.5 crore) have been invested in incremental marketing expenses, the release said. Glaxo's non-pharma business grew strongly with Agrivet Farm Care and Qualigens Fine Chemicals growing by 14% and 21% respectively, the release said. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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