Granules India Ltd’s net profit more than doubled to Rs 15 crore in the first quarter of the current financial year ended June 30, 2013 compared with Rs 6.3 crore in the year-ago period.
Revenues of the Hyderabad-based tablet maker increased 21 per cent to Rs 228 crore (Rs 189 crore).
The growth was driven by good performance across all verticals. “Our results are a harbinger of what is to come for FY’14. The fiscal year, particularly the second half, will be exciting for us as we continue to shift our sales to formulations as our production ramps up,’’ Krishna Prasad, Managing Director of Granules said in a release on Thursday.
The formulation expansion at the Gagillapur facility commenced operations during the quarter. The company expects to scale-up production throughout the year as it receives customer approvals.
Granules India scrip was trading higher by 3.06 per cent at 146.40 on the BSE on Thursday.