Industry

Granules net profit rises by 71%

Pharmaceutical company Granules has posted a consolidated net profit at ₹163.63 crore for the quarter ended September, which is a nearly 71% increase over the ₹95.79 crore of the corresponding period of previous fiscal.

At ₹858.12 crore (₹699.53 crore) revenue from operations was almost 23% higher, which the company said was “mainly on an account of new launches and increase in market share of existing products across the three verticals.”

Chairman and managing director of Granules India Krishna Prasad Chigurupati said the second quarter performance, which was much better than committed guidance, “gives us confidence that we are on track to end the year’s performance as envisaged.”

“Our long-term investments in backward and forward integration from APIs (active pharmaceutical ingredients) to FDs (finished dosages) helped us in delivering expected results as demonstrated by the 22% growth in our FDs revenue at ₹.430.1 crore this quarter,” he said.

On API revenue, which was ₹254.7 crore up 17% YoY, Krishna Prasad added, it was driven by acquisition of new customers. The company received approvals for four finished dosage products during the quarter.

The company has declared a second interim dividend of 25 paise per share of face value of ₹1 each for 2020-21.

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Printable version | Dec 5, 2020 9:28:55 AM | https://www.thehindu.com/business/Industry/granules-net-profit-rises-by-71/article32905263.ece

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