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Granules India Q2FY08 net sales up 5.44% at Rs 53cr

This article was posted on Jan 25, 2008 and is filed under Press Releases

Granules India Ltd., one of the world’s largest Pharmaceutical Formulation Intermediate (PFI) manufacturers, today announced a rise in its net sales by 5.44 per cent to Rs. 52.94 crore for the Q2FY08 ended December 31, 2007 as compared to Rs50.21 crore in the corresponding quarter last year. Net profit stood at Rs 2.28 crore compared to Rs 3.04 crore in the corresponding quarter last year.

For the six months ended period December 31, 2007 (H1FY08), Granules has reported revenues of Rs. 102.97 crore, a surge of 7.71 percent as compared to Rs 95.60 crore in the corresponding period last years. EBIDTA for the six months-ended December 31, 2007 stood at Rs 15.56 crore compared to Rs 16.03 crore in the corresponding period last year.

Commenting the company’s performance, Mr. Krishna Prasad, Managing Director, Granules India, said, “Inspite of the increase in volume of business by 15%, our net profit has declined mainly on account of rupee appreciation. As a strategic decision, the company will continue to focus on high volume and margin products to offset appreciation in the rupee.”

He also added “Our six billion new tablet facility at Gagillapur, has received the approval from European regulatory authorities and value additions in the form of tablets will help us improve these margins. The new tablet plant will take us places and will give us a big jump in the market over next two-three years.”

Granules India is eying high volume business in Europe and is currently in talks with some European companies for exporting tablets. The company will be upgrading the capacity of the plant to over 12 billion tablets and is also planning to foray into capsule manufacturing which is expected to add value to it’s over all growth.

On the Abbreviated New Drug Application (ANDA), Granules is targeting aggressive growth. The company has filed one ANDA so far and will file at least five more in next financial year. The company is also planning to create a separate subsidiary for R & D in formulations.

Sourced From: Adfactors Public Relations Pvt Ltd

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