Granules India Ltd. Announces Financial Results for Quarter and FY Ended March 31, 2024

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Granules India Ltd. Announces Financial Results for Quarter and FY Ended March 31, 2024Hyderabad, 16th May 2024: Granules India Ltd., a vertically integrated pharmaceutical company, today announced its financial results for the quarter and financial year ended March 31, 2024.

Financial Summary (All numbers in INR Mn., except Margins)

Revenue from Operations 11,758 11,556 2% 11,955 (2%)
EBITDA 2,557 2,505 2% 2,281 12%
EBITDA % 22% 22%   19%  
PAT 1,296 1,257 3% 1,196 8%
PAT % 11% 11%   10%  


Revenue from Operations 45,064 45,119 0%
EBITDA 8,560 9,138 (6%)
EBITDA % 19% 20%  
PAT 4,053 5,166 (22%)
Net Profit Margin 9% 11%  

 Financial and Business Summary for Q4FY24

  • Revenue from Operations of Q4FY24 stood at INR 11,758 Mn., a decline of 2% YoY.
  • Formulations including GPI manufactured products grew by 41%.
  • Revenue share from the North America increased to 70% in Q4 FY24 as compared to 58% in Q4 FY23.
  • Decline in Para API sales volume and price erosion.
  • Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contribute 14%, 13%, and 73% of revenue from operations respectively for Q4FY24.
  • ROCE is at 16.5% as compared to 21.2% YoY.
  • Net debt stood at INR 8,421 mn and Net debt to EBITDA at 0.98x.

Commenting on the results, Dr Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “We had a strong uptick in gross margin for the Q4 and for the full year, with continued growth in formulations share coming from US and Europe as part of our global expansion strategy and a higher contribution from new products. While the fiscal year numbers were below expectations due to cyber incident and low paracetamol demand, we are very excited about the way our strategies for the future are playing out and look forward to the upcoming years.”

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