Granules India Ltd., has announced its financial results for the quarter and financial year ended March 31, 2024.

In the recent report, the company’s revenue from operations of Q4FY24 stood at INR 11,758 million, a growth of 2 percent Quarter over Quarter (QoQ). Apart from this, the formulations including GPI manufactured products grew by 41 percent.

On the other hand, revenue share from the North America increased to 70 percent in Q4 FY24 as compared to 58 percent in Q4 FY23. Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI), and Finished dosages contribute 14 percent, 13 percent, and 73 percent of revenue from operations respectively for Q4FY24.

The net debt stood at INR 8,421 million and net debt to EBITDA stood 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.”