Granules FY19 Q1 net up 41%

Hyderabad: City-based drug maker

Granules

India Limited on Monday logged a 41% rise in net profit for the first quarter of FY19 at Rs 52 crore as against Rs 36.80 crore in the year ago period.

This was on a 21% rise in total income at Rs 468 crore in the quarter ended June 30 as against Rs 386 crore in the corresponding quarter of the year ago period.

Commenting on the results, Krishna Prasad Chigurupati, chairman and managing director, Granules India Limited, said, “… There was also a sequential growth in margin profiles despite the continuing raw material pricing pressures. We have worked towards mitigating this partially to the extent that is in our control. A new supplier has been added for a key raw material and we are simultaneously scouting for newer sources of raw materials.”

He pointed out that during the quarter, the company strengthened its product portfolio by introducing new products. “I am happy to share that generic Methylergonovine tablets (Methergine) was launched in partnership with Hikma Pharmaceuticals Plc by Granules Pharmaceuticals, Inc, the wholly owned subsidiary of Granules India Ltd. This is the first product commercialised from our R&D and manufacturing facility in Virginia,” he added.

Meanwhile, the board of the company also approved an investment of up to $15 million by way of debt/equity in Granules Pharmaceutical Inc, a wholly owned subsidiary of the company. It declared a first interim dividend of 25 paise per share of face value of Re 1 each representing 25% of paid-up capital for the financial year 2018-19.