Angel Broking is neutral on GSK Pharma

MUMBAI: Angel Broking is neutral on GSK Pharma as it expects the company���s operating margin to remain flat at 34.5% and net profit to grow at 5.1 per cent.

���GSK Pharma will announce its 1QCY2009 results. We expect Net Sales to grow by 8.4% yoy to Rs453cr driven by penetration in rural areas and new product launches in growing therapy areas. Operating margin is expected to remain flat at 34.5%. On the net profit front, the company is expected to register a growth of 5.1% yoy to Rs127.5 crore. We recommend a neutral view on the stock,��� said the note.