Hyderabad-based Granules India Q2 net profit up 71%
Long-term investments in backward and forward integration from active pharmaceutical ingredients to finished dosages aid growth
Hyderabad: Hyderabad-based bulk drugs and formulations manufacturing company Granules India said its revenue from operations in Q2FY21 grew by 22.7 per cent year-on-year (YoY) as a result of new launches and increase in market share of existing products across its three verticals. The company’s profit for the quarter stood at Rs 163.6 crore up 71 per cent YoY.
Commenting on the results, Krishna Prasad Chigurupati, CMD, Granules India said, “Our second quarter performance which was much better than committed guidance gives us confidence that we are on track to end the year’s performance as envisaged, and we expect to maintain our path on delivering superior shareholder value”
Detailing the results further he stated, “Our long-term investments in backward and forward integration from active pharmaceutical ingredients (APIs) to finished dosages (FDs) helped us in delivering expected results as demonstrated by the 22 per cent growth in our FDs revenue at Rs 430.1 crore this quarter, led by the new product launches and increase in market share of our existing products.”
Discussing the growth in API Revenue at Rs 254.7 crore up 17 per cent YoY, Krishna Prasad added, “It is driven by acquisition of new customers. The consolidated EBITDA for Q2 stood at Rs 256.4 crore, up by 79 per cent and net profit at Rs 163.6 crore grew by 71 per cent. We have received approvals for four finished dosage products.”
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