Granules India’s net profit increased by eight per cent to ₹120 crore in the fourth quarter that ended March 31, 2023, compared with ₹111 crore in the same period last year.
Revenue of the Hyderabad-based company increased 16 per cent to ₹1,195 crore against ₹1,030 crore in the year-ago period.
The revenue growth was primarily driven by higher sales in key geographies including the US and Europe. Revenue share from the US increased to 54 per cent in the quarter under review against 48 per cent in the same period last year.
The active pharmaceuticals ingredients (API), pharmaceutical formulation intermediates (PFI) and finished dosages contribute 31 per cent, 18 per cent, and 51 per cent of revenue from operations, respectively, for Q4FY23.
For the year ended March 2023, net profit increased by 25 per cent at ₹516 crore on a revenue of ₹4,512 crore (₹3,765 crore.)
“We have grown in terms of revenues year on year as well as sequential quarter despite the price erosion challenges in our key geographies including the US,’‘ Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India, said in a release.
The cash flow from operations have improved significantly this year as compared with FY22 which showed the ‘strength’ of Hyderabad-based company’s business.
“It will also help us fund our green initiatives in the coming quarters and years. We are moving towards a more sustainability-driven approach in the future and all our efforts and plans are geared towards that,’‘ he added.