Granules Q1 net up 37% at 39 crore
City-based pharmaceuticals maker, Granules India Limited, has reported a net profit of Rs 39 crore for the first quarter ended June 2016, as compared with Rs 29 crore in the corresponding quarter of the previous year, registering a growth of 37 per cent.
Hyderabad: City-based pharmaceuticals maker, Granules India Limited, has reported a net profit of Rs 39 crore for the first quarter ended June 2016, as compared with Rs 29 crore in the corresponding quarter of the previous year, registering a growth of 37 per cent.
Its revenues grew seven per cent to Rs 344 crore during the quarter under review, as against Rs 323crore during the same period a year ago. The company’s Ebitda was at Rs 72 crore, an increase of 12 per cent, as compared with Rs 64 crore in Q1 of FY16.
“Our top line growth was slightly subdued but we have once again demonstrated our strength in operational excellence with an improved bottom line. On the business front, Granules Pharmaceuticals Inc, our US-based wholly-owned subsidiary, entered into an agreement with USpharma to acquire 12.5 per cent of its stake,” Krishna Prasad Chigurupati, Chairman and Managing Director of Granules India, said in a statement on Thursday.
“USpharma, in collaboration with its manufacturing partners, had submitted five abbreviated new drug applications (ANDAs), of which four ANDAs have already been out licenced to us exclusively. These are in line with our organisational strategy of solidifying our presence in the US market and enhancing product portfolio by leveraging both internal and external product development capabilities,” he added.
