GlaxoSmithkline Pharmaceuticals Ltd has posted a higher net profit of Rs 57.74 crore (Rs 577.4 million) for the third quarter ended September 30, 2003 as compared to Rs 37.96 crore (Rs 379.6 million) in the same period last year.

The net sales for the reporting quarter rose to Rs 337.33 crore (Rs 3,373.3 million) as against Rs 327.41 crore (Rs 3,274.1 million) in July-September 2002, the company said in a release on Tuesday.

The net profit for the nine-month period ended September grew to Rs 157.59 crore (Rs 1,575.9 million) as against Rs 101.53 crore (Rs 1,015.3 million) in January-September 2002.

The higher sales from profitable brands helped to improve margins and tight control over expenses resulted in reduction in the overall spending, the company managing director S Kalayansundaram said.

The net sales for the nine-month period grew to Rs 945.11 crore (Rs 9,451.1 million) as against Rs 919.23 crore (Rs 9,192.3 million) in the same period last year, the release said.

A sharp drop in the exports impacted the overall sales performance in January-September 2003, it added.