Granules FY17 net up 34% at Rs 165 crore

Hyderabad: City-based pharma player Granules India Ltd logged a 34% rise in net profit for the financial year ended March 31, 2017, at Rs 165 crore as compared to Rs 123 crore in the year ago period. This was on a 4% increase in total revenues at Rs 1,435 crore in FY17 from Rs 1,383 crore in FY16. For the fourth quarter of FY17, the company’s net profit increased 39% to Rs 46 crore as compared to Rs 33 crore in the year ago period.This was despite a decline of 3.7% in revenues at Rs 362 crore as against Rs 376 crore in the corresponding quarter of last fiscal. Granules India chairman and managing director Krishna Prasad Chigurupati said, “It was an eventful year, where we made several strides to strengthen our core business as well as progressed further with our emerging business initiatives. The work on API expansion at Bonthapally and PFI expansions at Gagillapur are on schedule and will contribute positively to our top line in the current financial year. We also initiated the construction of a facility in Vizag for venturing into the oncology and speciality business.”
During the year, the company filed three ANDAs from the Gagillapur facility and one from the Virginia facility in the US. “Post approvals, we expect this will boost our product offerings, both on OTC and Rx space,” he added. The company’s board also proposed a final dividend of 25 paise per share of face value Rs 1 each, it said. tnn