Granules India Q2 Results: Profit jumps 80% boosted by Paracetamol sales

BENGALURU - Pharmaceutical company Granules India Ltd reported an 80% surge in quarterly profit on Thursday, boosted by higher sales of painkiller drug Paracetamol.

Consolidated profit for the company, which also makes anti-inflammatory drug Ibuprofen, came in at 1.45 billion Indian rupees ($17.43 million) for the three months ended Sept. 30, compared with 806.8 million rupees in the year ago.

The company said 51% of its revenue came from finished dosages, which is its biggest business. Active pharmaceuticals ingredients and pharmaceutical formulation intermediates contributed 29% and 20%, respectively, to its revenue.

"Opportunities in Paracetamol are likely to continue and our geography expansion strategy in Europe is likely to yield bigger turnover and EBITDA in future periods," Granules Chairman Krishna Prasad Chigurupati said in a statement.

Consolidated revenue rose 29.5% to 11.51 billion rupees.

($1 = 83.1800 Indian rupees)

(Reporting by Rama Venkat in Bengaluru; Editing by Anil D'Silva)