GlaxoSmithKline Pharmaceuticals (GSK) posted lower than expected results on sales and OPM fronts for 1QFY2018. The revenues came in at `587cr v/s. `700cr expected, registering a yoy de-growth of 14.3%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at (0.1)% (v/s. 12.6% expected) as compared to 10.2% in 1QFY2017, mainly driven by lower sales during the quarter. The Adj. PAT came in at `18cr v/s. `71cr in 1QFY2017, a yoy dip of 75.0%. We maintain our Neutral.

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