Granules India posted 28% higher net profit for the third quarter ended December at ₹150.2 crore compared with ₹117.6 crore a year earlier.

Revenue from operations stood at ₹1,387.9 crore (₹1,137.7 crore), an increase of 22%, which the generic drugmaker said was driven by the Finished Dosages (FD) segment in North America and Europe. FD, active pharmaceutical ingredients (API), pharmaceutical formulation intermediates (PFI) and peptides/ CDMO contributed 76%, 11%, 11% and 2% of revenue from operations respectively during the quarter, the company said.

“Q3 has been one of our strongest quarters, reflecting disciplined execution of strategic growth initiatives, and we are well-positioned for sustained growth momentum,” CMD Krishna Prasad Chigurupati said.

Nod for fund raise

The company got approval of the shareholders on January 22 for its plans to raise ₹1,762.50 crore through issue of preferential convertible warrants and equity shares. The Board had in December given approval for issue of 2.5 crore convertible warrants for ₹585 each aggregating up to ₹1,462.50 crore on preferential basis to members of the promoter group and non-promoter investor category; and through issue of a more than 51.28 lakh equity shares (face value of ₹1 each) for ₹585 per share, aggregating up to ₹300 crore on preferential basis to various non-promoter investor category.