Drugmaker Granules India has reported a consolidated net profit of ₹111.44 crore for the quarter ended June 30, an increase of 34% from the year-earlier period.
Revenue from operations at ₹735.59 crore was 24% higher, while total income increased 24.13% to ₹741.22 crore.
Operational excellence, a vigilant watch over margins through optimisation of the product mix, increased capacities and optimal capacity utilisation contributed to the performance, CMD Krishna Prasad Chigurupati said. North America and Europe markets contributed to 71% of revenues.
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“Our long-term investments in backward and forward integration from APIs (active pharmaceutical ingredients) to FDs (finished dosages) are delivering expected results as demonstrated by new product launches and increase in market share of our existing products,” he said in a release.
The company has declared an interim dividend of ₹0.25 per equity share of ₹1 each.
Granules India shares advanced 7.36% to close at ₹264.05 apiece on the BSE on Friday.
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On the voluntarily recall of diabetes drug Metformin Hydrochloride Extended-Release tablets USP, 750 mg, in the U.S. market, initiated by wholly owned subsidiary Granules Pharmaceuticals Inc. recently, the release said a provision of a little over ₹15 crore ($2 million) has been made during the quarter towards the impact.