GlaxoSmithKline Consumer Healthcare - IndiaInfoline
Gla= xoSmithKline=20 Consumer Healthcare Ltd (Q1 F12/08)
=E4= =20 Records=20 highest revenue growth of 26% yoy in last five years, led by 17% volume and= 9%=20 price growth.
=E4= =20 Higher=20 raw material cost and adspend restricts margin expansion.
=E4= =20 Net=20 profit rose by 34% yoy at Rs566mn, led by strong topline growth and higher = other=20 income.
=E4= =20 We=20 expect the company to witness a 13% CAGR in revenues and 10% CAGR in net pr= ofit=20 over F12/07-09E. Maintain BUY with a one-year target price of Rs765, upside= of=20 21.4%.
