Granules India surged 13.20% to Rs 114.9 after consolidated net profit jumped 58.96% to Rs 95.79 crore on a 20.42% increase in revenue from operations to Rs 699.53 crore in Q2 September 2019 over Q2 September 2018.
The result was announced during market hours today, 22 October 2019.
Granules India informed that the board has approved the divestment of the company's stake in Granules Omnichem, a joint venture company located in India and an approval to divestment of its stake in Granules Biocause Pharmaceutical Co., a joint venture company located in China. Both the actions will allow the company to focus on its core strengths while allowing us to enhance our free cash flow and reduce net debt.
The company's chairman & managing director, Krishna Prasad Chigurupati, said, "Our unwavering focus on the regulated market at a contribution of 73% (North America and Europe) and a shift towards PFls and FDs at 69% of the total revenue has enabled us to achieve this growth during the quarter. During the quarter, we have filed 2 ANDAs and received approval for 1 ANDA by the USFDA. We have also filed two dossiers in Europe and the UK to expand our global presence of our core molecules and to reduce our concentration risk. With improved cash flow our net debt position is now at a comfortable level of 1.6x of EBITDA."
In a separate announcement on Monday, 21 October 2019, Granules India informed that the US Food & Drug Administration (US FDA) has approved the abbreviated new drug application (ANDA) filed by Granules India for Fexofenadine Hydrochloride Tablets USP, 60 mg and 180 mg (OTC). It is bioequivalent to the reference listed drug product (RLD), allegra allergy tablets, 60 mg and 180 mg, of Sanofi-Aventis U.S. LLC.
Meanwhile, the S&P BSE Sensex was down 114 points or 0.29% to 39184.55.
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On the BSE, 1.85 lakh shares were traded in the counter so far compared with average daily volumes of 26,026 shares in the past two weeks. The stock hit a high of Rs 114.9 and a low of Rs 102.5 so far during the day.
The stock hit a 52-week high of Rs 120 on 22 Apr 2019. The stock hit a 52-week low of Rs 79 on 10 Dec 2018.
Granules India is a pharmaceutical manufacturing company. The company produces finished dosages (FDs), pharmaceutical formulation intermediates (PFls) and active pharmaceutical ingredients (APIs).
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