Driven by improved performance of the formulations division, especially the demand for metformin, Granules India Ltd (GIL) logged a 63 per cent growth in net profit at Rs 3 crore (Rs 2 crore) for the first quarter ended June 30, 2011.
The formulations contributed Rs 37 crore in a turnover of Rs 119 crore for the quarter (Rs 109 crore).
Expansion complete
Granules, an integrated formulations manufacturer, expects growth in Q2 and Q3 riding on its ibuprofen, a press release said.
In addition, the company completed the expansion of a new PFI (pharmaceutical formulation intermediates) module, which will increase capacity by 1,200 tonnes annually.
The company is also on track to finish an 8,000 tonnes annually PFI module and a 12 billion dosage formulation module by the end of the fiscal year.
The basic EPS was Rs 1.56 for the quarter (Rs 0.96).