Granules Q3 net declines 6% to ₹118 crore
Granules India reported a more than 6% decline in consolidated net profit for the December quarter to ₹117.60 crore from ₹125.65 crore year earlier amid price erosion and lower demand in a few business segments as well as rise in certain expenses post a recent U.S. Food and Drug Administration inspection of a facility. Finished dosages, active pharmaceuticals ingredients and pharmaceutical formulation intermediates contributed 76%, 12%, and 12% of revenue from operations during the third quarter. The Hyderabad-based generic drugmaker had voluntarily paused production at its Gagillapur plant in September for a risk assessment consequent to a U.S. FDA inspection and issue of six observations. The company said YoY growth in FD was offset by a continued decline in API/PFI due to lower demand and persistent price erosion.
Dr Reddy’s Labs Q3 Results: Profit grows 2% YoY to ₹1413 crore; revenue up 16%
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