Granules India reports 7.8 percent rise in Q4 profit
Bengaluru: Granules India reported a 7.8 per cent rise in fourth-quarter profit, spurred by strong growth in its business of making active pharmaceutical ingredient (API) for drugs.
The company's consolidated net profit rose to 1.20 billion rupees ($14.7 million) in the quarter ended March 31, from 1.11 billion rupees a year earlier.
Granules's consolidated revenue from operations rose 16 per cent to 11.96 billion rupees, but a 17 per cent jump in its total expenses ate into the profit growth.
The company's revenue from finished dosages, its largest division, rose 16 per cent year-on-year, but that was easily outpaced by its API segment, its second-biggest, where revenue jumped 48 per cent.
Granules reported a 38 per cent jump in sales of paracetamol, which is both an API and a ready-for-consumption drug it sells only in the European Union.
However, the company's biggest market is the United States, from where it gets 31 per cent. The drugs it sells in the country includes skeletal muscle relaxant methocarbamol, whose sales surged 60 per cent in the quarter.
Last month, Glenmark Life Sciences Ltd posted a 48 per cent rise in quarterly profit, driven by growth in its mainstay API business. Granules's shares were down 1.6 per cent after the results
Read also: Granules Consumer Health launches packaging facility in US
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