Granules India net profit declines 21.5% in FY 2023-24

Our Bureau, New DelhiWednesday, May 15, 2024, 16:15 Hrs  [IST]

Hyderabad-based Granules India Ltd has posted a decline of 21.54 per cent in net profit for the fiscal year 2023-24 at Rs. 405.31 crore as against Rs. 516.59 crore during the previous fiscal year.
The total income for the fiscal year declined marginally to Rs. 4,510.8 crore, as compared to Rs. 4,525.7 crore reported during the previous fiscal year.
The net profit for the quarter ended March 31, 2024 grew around 8.4 per cent at Rs. 129.65 crore as compared to Rs. 119.60 crore during the same quarter of previous fiscal year. During the quarter, the total income grew 1.85 per cent to Rs. 1,177.7 crore as against Rs. 1,156.23 crore reported during the corresponding period of last year.
Dr Krishna Prasad Chigurupati, chairman & managing director of Granules India Limited said, “We had a strong uptick in gross margin for the Q4 and for the full year, with continued growth in formulations share coming from US and Europe as part of our global expansion strategy and a higher contribution from new products.”
“While the fiscal year numbers were below expectations due to the cyber incident and low paracetamol demand, we are very excited about the way our strategies for the future are playing out and look forward to the upcoming years,” he added.
Formulations including products manufactured under Granules Pharmaceuticals Inc grew by 41 per cent, while revenue share from the North America increased 70 per cent in fourth quarter as compared to 58 per cent in the same period of last year, said the company.
Active pharmaceuticals ingredients (API), pharmaceutical formulation intermediates (PFI), and finished dosages contribute 14 per cent, 13 per cent and 73 per cent respectively of revenue from operations respectively for fourth quarter of the fiscal year. Net debt stood at Rs. 8,42.1 crore and net debt to EBITDA ratio is at 0.98x, it added.