Granules India Ltd., a vertically integrated pharmaceutical company, announced its financial results for the quarter ended September 30, 2023. Revenue from Operations in Q2FY24 stood at Rs. 1189.5 crore, a growth of 3% YoY in value terms. However, the profit for the quarter decreased by 29.62% YoY at Rs. 102.1 crore compared to Rs. 145.1 crore during Q2 FY23.

Volume growth YoY was higher as compared to the value growth. Sales in the US region grew well, partially offset by the decline in the LATAM and European regions. Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contributed 25%, 12%, and 62% of revenue from operations respectively for Q2FY24. ROCE stood at 12.8%. Net debt stood at Rs. 989 crore.

Commenting on the results, Dr. Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “We are enhancing systems and IT security. EBITDA and PAT numbers this quarter are better as compared to Q1 which were significantly impacted by IT incident. We are also investing in capability and capacity building in terms of capex, manpower, R&D and ERM which will yield results in short to medium term”.