Hyderabad, Jan 24 (IANS) Granules India Ltd., a fast growing pharmaceutical manufacturing company, has posted growth of 42 percent in its net profit for the third quarter ended Dec 31.
The Hyderabad-based company earned net profit of Rs.8 crore against Rs.5.6 crore in the same quarter of FY11.
Krishna Prasad, general manager, Granules India, told reporters Tuesday that the company's net sales during the quarter were Rs.186 crore, a growth of 45 percent compared to Q3 of the last financial year.
He said the large-scale operations led to double-digit growth in all three divisions ? Active Pharmaceutical Ingredient (API), Pharmaceutical Formulation Intermediate (PFI) and Finished Dosage (FD).
"We are on exciting growth path. For the last five years we have been growing at 27 percent CAGR, much higher than the industry average of 14.5 percent," he said.
Granules will triple its FD capacity to 18 billion units and more than double its PFI capacity to 18,000 tons during the current financial year with an investment of Rs.100 crore. The TPA capacity will also go up from 12,000 tonnes to 18,000 tonnes per annum.
"Upon completion of the expansion, which will be commercialized within the next six months, Granules will have the largest PFI facility along with one of the largest FD facilities in the world."
Granules supplies 13 percent of the global Paracetamol market and 10 percent of the Ibuprofen market.
Granules in joint venture with Omnichem, a Belgian subsidiary of Ajinomoto of Japan, is setting up a facility in coastal city of Visakhapatnam with an investment of $30 million. The facility, which is expected to be completed by the end of FY13, will target segments like oncology, CNS and cardiovascular which are not currently covered by Granules.
"This 50:50 joint venture on high value low volume model will also open opportunity for us in formulations," said A. Bhaskar Krishna, CEO, Granules.