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Granules India posts lower net profit at Rs. 35 cr in Q3, third interim dividend of 250%

Our Bureau, Mumbai
Friday, February 9, 2018, 13:30 Hrs  [IST]

Granules India, a Rs. 1,400 crore pharma major from Hyderabad has received minor setback during the third quarter ended December 2017 and its consolidated net profit declined by 10.3 per cent to Rs. 35.02 crore from Rs. 39.06 crore in the similar period of last year. With lower net profit, EPS declined to Rs. 1.38 from Rs. 1.79 in the last period. The company's consolidated sales improved by 14.3 per cent to Rs. 410.73 crore from Rs. 359.47 crore.

The board of director has recommend third interim equity dividend of 25 paise per share of face value of Rs. 1 each. Currently, Granules scrip is moving around Rs. 120 on BSE.

Krishna Prasad Chigurupati, chairman and managing director's said, “Our journey towards sustainability continues as we report steady growth in our business performance. Revenue growth of 14 per cent in the current quarter is the outcome of our investments in capacity expansion in both APIs and PFIs. However, increased cost for some of our key raw materials and forex fluctuation has impacted profit for the quarter under review. Going ahead, we are optimistic of strengthening our growth by leveraging enhanced production capacities, until our new business initiatives start contributing positively as supplementary growth drivers of the company.”

For the nine months period ended December 2017, Granules sales improved by 10.7 per cent to Rs. 1,188 crore from Rs. 1,073 crore in the corresponding period of last year. Its net profit declined by 5.6 per cent to Rs. 112 crore from Rs. 119 crore as the share of profit from joint ventures declined to Rs. 12.74 crore from Rs. 15.34 crore.

 

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