Granules' board approves Rs 167 cr investment proposal

Drug firm Granules India today said its board has approved investment of about Rs 167 crore in various arms.
It also posted a 48 per cent increase in net profit at Rs 33 crore for the fourth quarter of 2015-16.
In a regulatory filing, Granules India said its Board of Directors today "approved further investment of USD 17.07 million (about Rs 117 crore) by way of debt/equity in Granules Pharmaceutical Inc, a wholly-owned foreign subsidiary of the company."
The board also approved "investment of Rs 50 crore by way of debt/equity in GIL Lifesciences Pvt Limited, a wholly owned Indian subsidiary."

The company also received approval for "the scheme of amalgamation of GIL Lifesciences Pvt Limited, a wholly owned Indian subsidiary of the company, with Granules India Limited."
Granules India today posted 48 per cent increase in net profit to Rs 33 crore for the fourth quarter of 2015-16.

The company had posted a net profit of Rs 22 crore in the corresponding quarter of the previous fiscal.
The company said in a statement that its standalone sales during 2015-16 stood at Rs 1,328 crore.
It posted a 5 per cent increase in revenue to Rs 373 crore in the fourth quarter compared to Rs 355 crore in the same period in 2014-15.