Business

Granules net more than doubles to ₹147 cr.

Pharma manufacturing company Granules India has posted a consolidated net profit of ₹147 crore for the quarter ended December 31 compared with ₹64 crore in the year-earlier period. The firm has declared a third interim dividend of 25 paise per share (of face value of ₹1 each) for 2020-21.

Income from operations at ₹845 crore (₹704 crore) was 20% higher on the back of four new launches and increase in marketshare of existing products across the API, PFI and FD business segments. CMD Krishna Prasad Chigurupati said “our long term investments in backward and forward integration from APIs to FDs is helping deliver expected results.”

During the quarter, there was an “11% growth in our FDs revenue, led by the new product launches, an increase in market share of our existing products and increased penetration of PFIs, leading to 48% YoY growth. API revenues were up 20% YoY, driven by the onboarding of new customers,” he said.

During the quarter, Granules acquired land in Genome Valley, the Life Sciences hub of Hyderabad, for the construction of a PFI and FD site for about 10 billion units of solid orals, other FD forms and additional capacities for PFIs. The capital expenditure is expected to be ₹400 crore, over the next three years, and the facility will be operational in early FY24, a release said.

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