Glaxo SmithKline Consumer Healthcare slipped to its day's low of Rs 262 (down 1.5%) on Friday after the company said net profit dived 65%.

The scrip has been sluggish on the bourses for quite some time now and today's drop has precipitated it near its 52-week low of Rs 258.

For Q4 ended 31 December 2002, GlaxoSmithKline Consumer Healthcare has posted a sharp 65% fall in net profit to Rs 10.58 crore compared to Rs 30.39 crore in the quarter ended 31 December 2001. Total income (net of excise) has declined 19.6% to Rs 182.15 crore (Rs 1.82 billion) from Rs 226.70 crore (Rs 2.26 billion). Other income has plunged 61.7% to Rs 3.98 crore from Rs 10.40 crore.

For FY 2002, net profit has slumped 32.8% to Rs 85.01 crore from Rs 126.63 crore (Rs 1.26 billion). Total income, in consonance, has gone down 11.99% from Rs 871.63 crore (Rs 8.71 billion) to Rs 767.09 crore (Rs 7.67 billion).

Sales decreased by 12.3% during the year ended 31 December 2002, reflecting an element of corrective downstocking in the trade. This trend continued through the last quarter.

GSCH is the largest player in the health food drinks industry. Its flagship product, Horlicks, is a widely regarded and highly respected 130-year-old brand. Boost, Viva and Maltova are other reputed brands from the company's stable.

In February 2002, the company relaunched its flagship brand Horlicks with a new formulation, enhanced nutritional values and improved packaging. GSCH's new state-of-the-art plant at Sonepat commenced commercial production in July 2002.

Meanwhile, the board of directors have approved the discontinuation of the consignment selling agency agreement for toothpaste with GlaxoSmithKline Asia Private with effect from 31 January 2003.