Granules India reported a 23 per cent rise in third-quarter profit recently, propelled by strong demand for the painkiller drug paracetamol.
Consolidated profit rose to Rs 1.24 billion rupees ($15.22 million) for the three months ended 31st December, from Rs 1.01 billion a year earlier.
Consolidated revenue for the company rose nearly 15 per cent to Rs 11.46 billion, “primarily driven by higher paracetamol Active Pharma Ingredient (API) sales in the US,” the company said in an exchange filing.
“Opportunities in paracetamol are likely to continue and our geography expansion strategy in Europe is likely to yield higher turnover and EBITDA in future periods,” Krishna Prasad Chigurupati, Chairman, Granules India, said.
Granules, which also makes anti-inflammatory drug Ibuprofen, said 45.6 per cent of its revenue came from finished dosages – the final ready-for-consumption product – its biggest segment.
APIs and pharma formulation intermediates contributed 35.8 per cent and 18.6 per cent, respectively, to the drug manufacturer’s revenue.
Shares of the company climbed as much as 1.5 per cent to 316.8 rupees, hitting a one-week high after the results. They declined 5.2 per cent in 2022, compared with an 11.4 per cent fall in the Nifty Pharma index.
Edits by EP News Bureau