Technology

For 3QFY2017 Glaxo Pharmaceuticals (GSK) posted results lower than
expectations on all fronts. In sales, the company posted sales of Rs689cr v/s
Rs700cr expected, a yoy de-growth of 5.6%. On EBITDA front, the company
posted EBITDA of 5.1% (v/s 9.1% expected) v/s 11.6% in 3QFY2016.
Consequently, Adj. PAT came in at Rs40.8cr (v/s Rs78.4cr expected) v/s Rs81cr in
3QFY2016, de-growth of 49.6% yoy. We maintain our Neutral rating.

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