Granules India Ltd. has announced its financial results for the quarter ended September 30, 2023.

Revenue from Operations in Q2FY24 stood at INR 11,895 mn, a growth of 3 percent YoY in value terms. EBITDA was at INR 2,130 mn down 12 percent YoY and PAT was at INR 1,021 mn down 30 percent YoY.

Volume growth YoY was higher as compared to the value growth. Sales in the US region grew well, partially offset by the decline in the LATAM and European regions.

Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contributed 25 percent, 12 percent, and 62 percent of revenue from operations  respectively for Q2FY24.

ROCE stood at 12.8 percent and net debt stood at INR 9,895 mn and Net debt to EBITDA at 1.41x.

Commenting on the results, Dr. Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India Limited said, “We are enhancing systems and IT security. EBITDA and PAT numbers this quarter are better as compared to Q1 which were significantly impacted by IT incident. We are also investing in capability and capacity building in terms of capex, manpower, R&D and ERM which will yield results in short to medium term”.