Granules India Limited, an integrated formulations manufacturer, witnessed a 45.79 per cent decline in its net profit to Rs 2.45 crore for the second quarter ended Sept 2011, as compared with Rs 4.52 crore during the corresponding quarter last year. Net revenues increased 37 per cent to Rs 161.4 crore (Rs 117.9 crore).
“Due to the depreciation of the rupee, we incurred a Rs 2.9-crore forex adjustment, which is a non-cash expense that does not accurately reflect the improvement in our operations,” its managing director Krishna Prasad said in a release.
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