Granules India reports 10 pc rise in PAT for Q3

Granules India Ltd said on Tuesday reported a net profit of Rs 64 crore in the quarter ending December (Q3 FY20), rising over 10.3 per cent from Rs 58 crore in Q3 FY19.

Its income from operations rose by 11 per cent to Rs 704 crore while operating profit margin moved up to 23 per cent from 18 per cent year-on-year.

The divestment of Granules Biocause Pharmaceutical Company Ltd, a joint venture located in China, has progressed further with a one-time provision charged for impairment of Rs 32.03 crore provision taken in the last quarter.

The company proposes to buyback 1.25 lakh equity shares (maximum) at an offer price of Rs 200 per share representing 4.92 per cent of the total paid-up equity capital of the company through a tender offer.

The board of directors recommended the third interim dividend of 25 paise per share with a face value of Re 1 each for the financial year 2020.

Granules India produces finished dosages, pharmaceutical formulation intermediates and active pharmaceutical ingredients. It has six manufacturing facilities in India, one in China and one in the United States.