GlaxoSmithKline Consumer Healthcare Limited announces results for the third quarter

GlaxoSmithKline Consumer Healthcare Limited announces results for thethird quarter ended December 31, 2018 

Revenue growth at7.5%, PBT growth at37%

For the first 3 quarters the cumulative growth stands at 9.3% and PBT at 44%

 GlaxoSmithKline Consumer Healthcare Limitedtoday declared its financial results for the third quarter ended December 31, 2018. The company recorded a revenue growth of 7.5%. The quarter reported revenue of Rs. 1117 crore, while the PBT was at Rs. 347 crores, a growth of 37%. 

  

Commenting on the results, Navneet Saluja, Managing Director, GlaxoSmithKline Consumer Healthcare Limited said, “We have been witnessing healthy sustainable growth in our financial performance in the past few quarters. This growth is reflective of the unflinching trust that our consumers have in our products. Some of our work in the recent quarters in rural areas is hugely satisfying and makes me extremely proud. Initiatives such as the Horlicks Swasthya Abhiyan(HSA)and Village Level Entrepreneurship (VLE) have empoweredthousands of women in villages, therebyenabling us to fulfil our core philosophy of doing good, while doing business.”

“Protein deficiency, hidden hunger and stunting are some of the challenges the country faces today and have been rightly called out by the government in the National Nutrition Mission doctrine. As a brand we are committed to complement this cause by dialing our innovation portfolio and bringing to life products like Protein+ & Growth+ in the easy reach of consumers.”Saluja added.

 Performance Highlights:

·         Health food drink portfolio continues to be the market leader with 64.2% volume share**

·         Base Horlicks has led the category with double-digit volume growth

·         HFD distribution stood at 1.88 MN outlets in Q3’18-19 as against 1.72 MN outlets in Q3’17-18 which is a growth of 9% in GSK reach

·         Horlicks Swasthya Abhiyan was extended to 7000 villages including rural markets

·         Execution of ‘Future Fit TN’ initiative targeting the upcountry markets of Tamil Nadu to spread awareness about stamina and fitness among school children.

 Update on strategic review:

·         On 03 December 2018, the company announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”)

·         On 23 January 2019, the merger deal with Hindustan Unilever Limited (HUL) was approved by the Competition Commission of India (CCI)

·         The merger is now subject to the receipt of other necessary statutory and regulatory approvals under applicable laws

·         The merger process is moving along expected timelines