July 26, 2010 10:07 AM EDT
GlaxoSmithKline Pharmaceuticals reported a marginal 4 percent rise in quarterly profit on constraints in supply of vaccines due to global capacity crunch, the company and analysts said on Monday.
The drugmaker on Monday reported a net profit of 1.29 billion rupees for the April-June period on net sales of 4.98 billion rupees.
This compared to a profit of 1.24 billion rupees on sales of 4.57 billion rupees last year.
"On the top-line front, the nine percent growth is below expectations... and it was mainly due to the supply constraints in vaccines segment," Sushant Dalmia, analyst with Angel Broking, said, adding the smaller percentage rise in profit was primarily due sluggish sales.
The vaccines segment contributes about 10 percent of revenue for GlaxoSmithKline Pharma, another analyst with a Mumbai-based brokerage said.
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"This supply constraint problem has happened in the past, which is primarily due to rising demand not supported by manufacturing capacities globally," the analyst added.
Shares of GlaxoSmithKline Pharma were trading at 2,061.4 rupees, down 0.63 percent in a weak Mumbai market.
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