Granules India Q1 net profit up 8pc

Hyderabad: Hyderabad-based Granules India reported an increase of eight per cent in net profit at Rs 120 crore for the quarter ended June 2021. The company’s income from operations went up 16 per cent year-on-year, despite challenges faced by shortage of raw materials, lower utilisation capacities especially in paracetamol and logistic disruptions, the company said.

During the quarter, the company filed an abbreviated new drug application (ANDA), two EU dossiers, one UK dossier and a South African dossier. It received an ANDA approval and launched one ANDA in the US.

The company’s pharmaceutical formulation intermediate segment grew 25 per cent year-on-year, active pharmaceutical ingredient segment grew five per cent year-on-year and the finished dosage segment grew 18 per cent year-on-year in value terms.

Krishna Prasad Chigurupati, CMD, Granules India, said, “The last quarter was full of learnings and challenges both in terms of business and battling the pandemic. Business was temporarily impacted, and actions were taken to get it back on track. This testing time has given us an opportunity to think and plan to empower our future in a sustainable and reliable manner.”

“We are focusing on making our growth strategy more robust, while taking a hard look at our product pipeline which is our growth engine. While remaining confident of our sustainable growth, efforts will be continued to formalise and follow an orbit changing strategy,” he added.

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