Hyderabad, Aug 10
Granules India Ltd’s net profit increased 6 per cent at Rs 128 crore in the first quarter ended June 30, 2022, as against Rs 120 crore in the comparable quarter in the previous year.
The revenue of the Hyderabad-based company increased 20 per cent at Rs 1,020 crore, compared to Rs 850 crore in the year-ago period.
During the quarter, Granules filed five ANDAs, two US DMFs, and received one US, one EU and one Canadian approval.
“As we enter FY23, we are excited about Granules 2.0 strategy. While the overall geopolitical environment is far from normal, we must take these in our stride and look forward to executing our strategy without any flaw,’‘ Krishna Prasad Chigurupati, Chairman & Managing Director, Granules India said in a release.
US pricing pressure, increased cost of raw materials, solvents and logistics were the challenges, he added.
The company has acquired capital assets of a small biotech company to gain a ready platform for biotechnology focused research and manufacturing.
It has also received approval from the Department of Pharmaceuticals (DOP) under the Production Linked Incentive (PLI) Scheme to manufacture Dicyandiamide (DCDA).
“The board of directors approved a buyback of 6,250,000 equity shares at a price of Rs 400 per equity share for an aggregate maximum amount of Rs 250 crore,’‘ the release said.