Granules India posts marginal rise in Q3 profit
Bengaluru: Drug maker Granules India reported a marginal rise in third-quarter profit, helped by easing raw material costs.
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.
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.
Read also: Granules India bags USFDA nod for Pantoprazole Sodium Delayed Release Tablets
