Global Pharma Company gets Huge Income Tax Refund from Tax Department

GlaxoSmithKline Pharmaceuticals Ltd, a global healthcare company, announced on Tuesday (September 3) that it has received an income tax refund of Rs.222.23 crore for the assessment year 2022-23, after an order issued by the Income Tax Department.

“This is to inform that the Company has received an Income Tax Order from the Income Tax Department under Section 143(3) for Assessment Year 2022-23, granting income tax refund of Rs.222.23 Crore (including interest),” according to a filing with the exchange.

GlaxoSmithKline Pharmaceuticals declared a 37.8% year-on-year (YoY) increase in net profit to Rs.182.3 crore in the first quarter ended June 30, 2024. GlaxoSmithKline’s net profit in the same quarter was Rs.132.3 crore, according to a regulatory filing.

The company’s revenue climbed by 7% to Rs.814.7 crore from Rs.761.7 crore in the same period last year. EBITDA increased by 60.1% to Rs.230.6 crore in the first quarter of this financial year, up from Rs.144 crore in the same period last year.

The EBITDA margin was 28.3% in the reporting quarter, up from 18.9% in the same period during the previous financial year. EBITDA is earnings before interest, taxes, depreciation, and amortization.

The company continues to deliver 10% growth, with important brands such as Calpol, Augmentin, and T-Bact gaining market share. Furthermore, the respiratory portfolio, which includes Nucala and Trelegy, increased by 57% by providing more patients with access to these treatments.

GlaxoSmithKline Pharmaceuticals Ltd’s shares closed at Rs.2,836.20, up Rs.53.90, or 1.94%, on the BSE.