Granules India gained 2.24% to Rs 288.15 after the drug maker said that its step-down subsidiary, Granules Consumer Health Inc has completed the United States Food and Drug Administration (USFDA) audit with zero observations.
The facility was inspected by the US drug regulator from 15 March 2023 to 20 March 2023.
Priyanka Chigurupati, executive director, Granules USA, Inc. & Granules Pharmaceuticals, said, The audit is a pre-approval inspection for three products filed from the facility. The packaging site strengthens our proposition to control the value chain and provides us with the agility needed in a very dynamic over-the-counter (OTC) space.
Granules Consumer Health (GCH) is a wholly owned subsidiary of Granules USA, it is a leading private-label OTC provider, and its packaging facility will enable it to service leading retailers more effectively. The packaging facility in Manassas is spread over 79,000 square feet and has several packaging suites to service customer needs.
Granules India is a vertically integrated fast growing Indian pharmaceutical company. It is present across the entire manufacturing value chain - from active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediates (PFIs), and finished dosages (FDs).
The company reported 23.24% jump in net profit to Rs 124.32 crore on a 15% increase in revenue from operations to Rs 1,146.12 crore in Q3 FY23 over Q3 FY22.
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