Granules India Ltd’s net profit doubled at Rs 6.3 crore in the first quarter ended June 30 compared with Rs 3 crore in the same period last year.
The revenue of the Hyderabad-based pharmaceutical manufacturer too, increased 59 per cent at Rs 189 crore (Rs 118 crore).
The growth in net profit was driven by increased margins due to higher capacity utilisation and focus on efficiency, Mr Krishna Prasad, Managing Director, Granules India, told newspersons here on Thursday.
The earnings per share stood at Rs 3.13 (Rs 1.56).
The growth was due to increased sales to about 72 per cent of existing customers, said Dr Bhaskar Krishna, Chief Executive Officer. The company would continue to focus on partnership approach to capture higher sales, he added. Granules is expecting the sales and profit growth to continue as its capacity expansion programme would be completed and commercialised in the present quarter.
“We are in the process of trebling our finished dosage capacity to 18 billion units a year and more than doubling pharmaceutical formulations intermediaries to 18,000 tonnes,’’ the CEO said.
Granules is targeting to cross Rs 1,000-crore mark in turnover by the end of next fiscal. Last year, it posted Rs 654 turnover.
The company’s scrip closed at Rs 130.95, down 6.23 per cent on the BSE on Thursday.