Granules India’s Q1 net profit up 61 pc at Rs 83 cr

Granules India’s Q1 net profit up 61 pc at Rs 83 cr

Agency News

Hyderabad, Jul 30 : Granules India Ltd, a growing pharmaceutical manufacturing company, on Tuesday reported a 61 per cent rise in net profit for the first quarter ended June 30 of FY 20 at 83 crore as compared to Rs 52 crore in the corresponding period in the previous year.

The Company’s Board of Directors has approved first interim dividend of 25 paise per share of face value of Re. 1 each, the Pharmaceutical company said in a statement here.

Granules India Limited Chairman and Managing Director, Krishna Prasad Chigurupati, said, "we continue our growth momentum with the first quarter of Financial Year 2020, showing encouraging results. Our total Revenue from operations increased by 31 per cent at Rs 595 crore against Rs 453 crore in the year ago period."

"The sustained growth in our high volume based molecules business and our unwavering focus on US market enabled us to achieve the growth. One of the key pillars of our business model has been driving operational efficiencies and along with it a better product mix helped us improve the Operating and Net profit margins in this quarter," he stated.

"During the quarter, we have filed 3 ANDAs and received approval for 2 ANDAs from US FDA filed earlier and this quarter has also witnessed improvement in our net debt position," he added. The Company produces Finished Dosages (FDs), Pharmaceutical Formulation Intermediates (PFIs) and Active Pharmaceutical Ingredients (APIs) and it’s global presence extends to over 250 customers in 60 countries through offices in India, US and UK.

The Company has eight manufacturing facilities out of which six are located in India, one in China and one in US.(UNI)