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Pharmaceutical firm Granules India posted a consolidated net profit of Rs 8.07 crore for the quarter ended September 30, compared with Rs 2.46 crore in the year-ago period. This was mostly on account of higher sales and its cost-cutting measures.
During the period, net sales grew nine per cent to touch Rs 175.5 crore (Rs 161.40 crore).
The company expects a better second-half performance as its expansion projects are nearing completion. The company is spending Rs 115 crore to increase the capacity of its PFI (pharmaceutical formulations intermediaries) production.
“Both these projects will be completed in the current quarter and we hope to see them contribute to our sales in the second half of the fiscal,” Bhaskar Krishna, CEO, told media persons here.
Granules India’s joint venture with Belgium firm OmniChem to set up a manufacturing facility in Visakhapatnam is on track and is expected to be ready in the second quarter of 2013-14. “We expect to achieve financial closure for the JV project next month. The facility will start commercial production by 2015 after it gets all the required regulatory clearances. Till then, the production will be used for captive use,” said V.V.S Murthy, CFO.
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