GlaxoSmithKline Pharmaceuticals Limited (GSK Pharma) stock fell 4.28% after its Board declared the financial results of the December quarter for the current fiscal year. The pharmaceutical company’s consolidated profit after tax (PAT) declined 72% year-on-year to Rs 45.72 crore for the quarter under review from Rs 164.56 crore reported in the same quarter last year.

Despite an increase in income from Rs 825.72 crore in Q3FY23 to Rs 833.37 crore in Q3FY24, profits fell due to an increase in exceptional item charges. Exceptional items’ income of the nine months ended 31st December 2023 also included profit on the sale of surplus residential properties of Rs 17.30 crore.

Exceptional Items charge for the Q3FY24 and 9MFY24 was Rs 163.31 crore on account of one-off VRS (Voluntary Retirement Scheme) cost and other employee dues of Rs 55.37 crore.

As per the filings on the exchange, GSK Pharma promised to continue to invest in building newer capabilities to improve reach and access for its innovative portfolio, which comprises Shingrix, Nucala, and Trelegy. The company added, “Vaccines market and portfolio continued to deliver sequential growth.”

At 3:30 pm, the shares of GSK Pharma closed 7% lower at Rs 2,180 on NSE.