Granules India has reported a 38 per cent increase in net profit at Rs 45.67 crore in the January-March quarter this year as against Rs 34.1 crore in the same quarter last year. Profits have accrued due to decrease in costs, among other factors.
However, its total income has declined marginally to Rs 363.35 crore from Rs 377.29 crore in the corresponding quarter previous year.
The company's net profit in FY17 grew 34 per cent at Rs 164.52 crore as compared to Rs 123 crore during the previous financial year. Its total income has witnessed 4 per cent growth at Rs 1,445.18 crore in the last fiscal from Rs 1,388.17 crore in the year-ago period.
The company's board of directors has proposed a final dividend of 25 paise per share priced at Rs 1 apiece.
"We have made several strides to strengthen our core business as well as progressed further with our emerging business initiatives during the last fiscal," said Krishna Prasad Chigurupati, chairman and managing director, Granules India.
Expansion work at active pharmaceutical ingredients (API) manufacturing unit at Bonthapally and pharmaceutical formulation intermediates (PFI) at Gagillapur unit near Hyderabad are being carried out as per schedule and will contribute positively to the compnay's top line in the current financial year, added Chigurupati.
The company has initiated the construction of state-of-art green field facility in Visakhapatnam for venturing into oncology and speciality business. Its joint venture Granules Ominchem has completed its first full year of operation with a net profit of Rs 24.9 crore. Inspection of the faciltiy by the United States Food and Drug Administration (USFDA) has been completed and the company is currently awaiting the establishment inspection report (EIR).
The Hyderabad-based company produces finished dosages, PFIs and APIs for its customers in the regulated and semi-regulated markets. Having offices in US, UK, China and Colombia, it has a customer base of 300 located in 60 countries.