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Hyderabad, Jan 24

Pharmaceutical Formulation Intermediaries (PFIs) maker, Granules India Ltd posted 25 per cent decrease in its net profit at Rs 2.28 crore in the second quarter ended December 31, 2007 compared to Rs 3.04 crore in the corresponding quarter of previous fiscal. The net sales of the Hyderabad-based company, however, increased 5.4 per cent to Rs 52.94 crore (Rs 50.21 crore). The earnings per share stood at Rs 1.14 (Rs 2.64). “In spite of the increase in volume of business by 15 per cent, our net profit has declined mainly on account of rupee appreciation. As a strategic decision, the company will continue to focus on high volume and margin products to offset appreciation in the rupee,” Mr Krishna Prasad, Managing Director, Granules India, said in a release. The $6-billion new tablet facility at Gagillapur had received the approval from European regulatory authorities, the release added.

– Our Bureau

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