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India’s Q1FY24 GDP soars, GSK Pharma posts strong results

BusinessIndia’s Q1FY24 GDP soars, GSK Pharma posts strong results

The National Statistical Organisation (NSO) released the GDP data for Q1FY24, showing the economy grew at 7.8%, up from 6.1% growth in the previous quarter. This one-year high makes India the fastest-growing major economy in the world. Additionally, the agriculture sector recorded a 3.5% growth for Q1FY24, up from 2.4% in the same quarter of the previous year.

This excellent economic growth is attributed to a sharp jump in government capital expenditure, robust performance in the services sector, higher consumption, and increased credit growth. Pharma stocks have performed exceptionally well on the stock market, with analysts maintaining a bullish outlook for the sector in the coming quarters.

GlaxoSmithKline Pharmaceuticals Ltd (GSK Pharma) has a strong legacy of nearly 100 years in India, offering a broad range of products from general medicines and vaccines to specialty medicines. The company ranks second among pharmaceutical multinationals in the country and fifth in industry volume. Its world-class manufacturing facility in Nashik ensures the delivery of high-quality products.

GSK Pharma reported Q1FY24 results with net sales at Rs 761.66 crores in June 2023, up 2.22% from Rs 745.10 crores for the same quarter last year. The quarterly net profit stood at Rs 132.25 crore, up 10.87% from Rs 119.28 crore in June 2022, and the EBITDA was Rs 180.32 crores, up 2.15% from Rs 176.53 crores in June 2022.

The company has been recognized as one of the ‘Best Workplaces for Women’ by Great Places To Work in India. From a sustainability perspective, GSK Pharma’s Nashik manufacturing facility is committed to energy conservation, wastewater recycling, and carbon dioxide emission reduction.

The company aims for double-digit top-line growth through new product launches and improved performance. GSK Pharma’s stock is currently quoted at Rs 1438 on the stock exchange, and fund managers expect it to appreciate by over 20% in the medium term. Investors should consider buying GSK Pharma stock after proper due diligence and consultation with their financial advisor.

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