Pharma company Granules India has posted a consolidated net profit of ₹64 crore for the quarter ended March, a manifold increase compared to the ₹20.43 reported by it in the year-earlier period.
Total income increased 19.80% to ₹615.19 crore (₹513.49 crore).
For 2018-19, the consolidated net profit of the company rose 78% to ₹236.40 crore (₹132.59 crore). The total income at ₹2,305.88 crore (₹1,702.69) was higher by 35%.
Chairman and managing director Krishna Prasad Chigurupati said the primary revenue growth driver for the quarter was U.S. formulation business that complemented the overall improvement in profitability margins compared to the same quarter of previous fiscal.
A policy of fiscal prudence the company adopted was behind improvement in debt profile, working capital cycle and culmination of major capex implementation phase. During the year, Granules, with its U.S. subsidiary, filed 12 ANDAs (abbreviated new drug applications), two DMFs (drug master files) and two CEPs (certificates of suitability issued in EU) “which are important indicators of our constant resolve towards accelerated product filling. The other turning point of the year was the launch of our own label product through our U.S. subsidiary,” he said.
The board had recommended a final dividend of 25 paise/share (face value of ₹1 each) in addition to the interim dividend of 75 paise/share already paid during the fiscal.