Granules Q3 net profit dips 31%

Hyderabad: Hyderabad-based Granules India reported a 31.3 per cent decline in its net profit for the third quarter ended December 2021. The company’s profit stood at Rs 101 crore compared to Rs 147 crore reported during the corresponding period of the previous year. The dip in profit is driven by reduction in gross margin and […]

Hyderabad: Hyderabad-based Granules India reported a 31.3 per cent decline in its net profit for the third quarter ended December 2021. The company’s profit stood at Rs 101 crore compared to Rs 147 crore reported during the corresponding period of the previous year.

The dip in profit is driven by reduction in gross margin and increase in freight cost by Rs 29 crore on account of shortage of containers and increase in R&D cost by Rs 13 crore as part of the company’s future growth strategy, the company stated.

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The company’s revenue for Q3FY22 stood at Rs 997 crore, showing growth of 18 per cent YoY, compared to Rs 845 crore during Q3FY21. EBITDA stood at Rs 174 crore, down by 17.9 per cent YoY.

During the quarter, the company filed two ANDAs, two Canadian Dossiers, one US DMF, one CEP and received three ANDA approvals.

Commenting on the results, Dr Krishna Prasad Chigurupati, CMD, Granules India said, the company is slowly getting back to the normal as is evident from the revenue growth which came in despite the continuing disruptions and challenging environment such as raw material price increase, unstable supply from China and PAP supply constraints.

“We expect the situation to improve in coming quarters and remain focused on execution and agile to the market opportunities. We at Granules are now ready to take a leap to transform our business to the next level. We are strengthening management capabilities and are investing in R&D infrastructure, scientific talent, and partnerships in science & technology which will lead to sustainability, leadership, backward integration and focus on quality of our portfolio,” he added.

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