Granules India down over 4% as Q1 profit declines

Granules India’s net profit tanked 62.4 percent YoY to Rs 47.9 crore.

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Granules India was trading almost 5 percent down on August 10 afternoon after the company reported a 62.4 percent year-on-year (YoY) decline in the June quarter net profit at Rs 47.9 crore.

Granules India reported a 3.3 percent YoY decline in revenue from operations at Rs 985.5 crore. The earnings before interest, taxes, depreciation and ammortisation (EBITDA) were down 35.3 percent at Rs 136.8 crore. The EBITDA margin contracted by 680 basis points to 13.9 percent.

One basis point is one-hundredth of a percentage point.

“Q1 sales and PAT were impacted severely by the business interruption caused by the IT incident,” chairman and managing director Krishna Prasad Chigurupati said, referring to a security breach in May.

The company’s operations were also hit due to supply issues and delay in clearances, which impacted the quarterly sales by nearly Rs 150 crore, he later told CNBC-TV18 in an interview.

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“Business has recovered from the incident. However, some spill over will happen in Q2 and would delay some anticipated launches. Our short to medium term growth trajectory shall remain intact,” Chigurupati said about the breach.

Motilal Oswal Financial Services has rated the stock as “buy”. The financial services firm sees an upside potential and has set a target price of Rs 370.

“While the FY24 performance has been adversely impacted by the IT issue, the company remains on track to improving profitability once the KSM plant for paracetamol and metformin is commercialised in FY25 along with capacity addition for core and differentiated molecules,” the brokerage said.

At 1.10 pm, Granules India stock was quoting at Rs 308 on the National Stock Exchange (NSE), down 4.5 percent.

Granules India produces and supplies pharmaceutical raw material. The company manufactures Active Pharma Ingredients, Pharmaceutical Formulation Intermediates as well as finished dosages.

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