Companies

Granules India’s Q2 net doubles at Rs 96 cr

Our Bureau Hyderabad | Updated on October 23, 2019 Published on October 23, 2019

Granules India Limited’s consolidated net profit doubled at ₹96 crore, excluding joint venture profit, in the second quarter ended September 30, against ₹47 crore in the corresponding quarter of the previous year.

The total revenue of the Hyderabad-based company increased 20 per cent at ₹700 crore (₹581 crore).

“This is the result of operational excellence and a vigilant watch over our margins via optimal product mix, capacity utilisation and minimisation of our expenses. Our focus on the regulated market at a contribution of 73 per cent (North America and Europe) and a shift towards PFIs and FDs at 69 per cent of the total revenue has enabled us to achieve this growth during the quarter,’’ Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India, said in a release.

During the quarter, Granules filed two Abbreviated New Drug Applications (ANDAs) and received approval for one from the US Food and Drug Administration (USFDA). It filed two dossiers in Europe and the UK.

DIVESTMENT

The Company’s Board of Directors have recommended a second interim dividend of 25 paise per share of face value of Re. 1 each. The Board has approved the divestment of the company’s stake in Granules Omnichem Private Limited, a Joint Venture Company located in India and an approval to divestment of its stake in Granules Biocause Pharmaceutical Co. Limited, a Joint Venture Company located in China.

Both the actions will allow the company to focus on its core strengths while allowing it to enhance free cash flow and reduce net debt, the release said.

EoM

Published on October 23, 2019
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