Granules India posts marginal rise in Q3 profit

Published On 2024-01-23 09:57 GMT   |   Update On 2024-03-26 09:45 GMT
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Bengaluru: Drug maker Granules India reported a marginal rise in third-quarter profit, helped by easing raw material costs.

The company’s consolidated profit rose 1.6% to 1.26 billion rupees (nearly $15 million), according to an exchange filing.

Granules has seen slowing profit growth since the third quarter of 2022. It reported a fall in profit for the past two quarters as it grappled with soaring costs.

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The company reported a 0.6% climb in expenses for the third quarter, helped by a 7% fall in raw material costs. In contrast, expenses ranged between 9% and 17% in the last four quarters.

This resulted in a flat profit margin year-on-year at 11%.

Revenue rose 1% to 11.56 billion rupees, with the fixed dosages segment contributing 66% to the total.

Read also: Granules India subsidiary bags USFDA nod for Sildenafil for Oral Suspension

Granules, which focuses on making active pharmaceutical ingredients (API), holds 30% of the global market for Paracetamol. It makes the drug’s API and finished dosage, the ready-for-consumption product.

Rival Glenmark Life Sciences is also expected to report its third-quarter results on Tuesday.

Original news source: https://www.reuters.com/business/healthcare-pharmaceuticals/paracetamol-maker-granules-india-posts-marginal-rise-q3-profit-2024-01-23/#:~:text=BENGALURU%2C%20Jan%2023%20(Reuters),according%20to%20an%20exchange%20filing. 

Read also: Granules India bags USFDA nod for Pantoprazole Sodium Delayed Release Tablets

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