Granules India Ltd., a vertically integrated pharmaceutical company, announced its financial results for the quarter ended June 30, 2023.

The revenue from operations of Q1FY24 stood at INR 9,955 mn, a decline of 3 percent YoY, primarily on account of the business interruption that occurred due to the IT incident this quarter. Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contribute 30 percent, 15 percent, and 55 percent of revenue from operations respectively for Q1FY24.  ROCE stood at 9.4 percent and net debt stood at INR 8,569 mn and Net debt to EBITDA at 1.57x.

Commenting on the results, Dr. Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “Q1 Sales and PAT were impacted severely by the business interruption caused by the IT incident. Q1 Operating expenses were higher in line with the expected revenue and hence the gap in sales had a severe impact on PAT. We employed the appropriate incident response protocols for containment of the IT incident and enhanced our security measures. Business has been restored to near normalcy as we speak. Our short to medium term growth trajectory shall remain intact. I would like to thank all our stakeholders who have contributed to this fast-paced recovery to business as usual.”