Drug firm Granules India today reported 36.55 per cent rise in consolidated net profit at Rs 38.96 crore for the quarter ended June 30. However, its net sales improved only by 6.6 per cent to Rs.343.50 crore from Rs.322.35 crore.
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On a standalone basis, BSE net profit dropped by over 35 per cent to Rs 45.5 crore during the first quarter from Rs 70.47 crore in the same period a year ago.
The total revenue grew 7 per cent to ₹344 crore.
The Company’s Board of Directors has approved interim dividend of 20 paise per share of face value of Re 1 each.
However, the same-store sales growth for the quarter dropped to 4.06% from 6.40% a year ago.
The scrip opened at Rs. 2064 and touched a high and low of Rs. 2078 and Rs. 2040 respectively. On business front, Granules Pharmaceuticals, Inc., our United States based wholly-owned subsidiary entered into an agreement with USpharma to acquire 12.5% of its stake.
“USpharma, in collaboration with its manufacturing partners, has submitted five Abbreviated New Drug Applications (ANDAs) with Paragraph IV certifications, out of which four ANDAs have already been licensed to us exclusively”, said the CMD.
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He further added that acquisition of 12.5% stakes in USpharma was in line with the company’s organizational strategy of solidifying their presence in the United States market.
