Shares of Granules India Ltd were trading in the red and 2% lower on 15 May after the company announced its quarterly earnings for January-March. 

The pharmaceutical company reported an 8% year-on-year growth in the March quarter to Rs 129.6 crore from Rs 119.6 crore at the same point in the previous fiscal year.

The revenue from operations of the company during the quarter stood at Rs 1,175.7 crore, marking a 1.7% YoY increase from Rs 1,195.5 crore during the same period the previous year.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) during the quarter grew by 12% YoY to Rs 255.5 crore, whereas EBITDA margins stood at 22%. 

The company reported to the stock market that its sales share from North America increased to 70% in the March quarter from 58% in the corresponding quarter of the previous year.

According to Granules India, price erosion and more customer stockpiles led to a decline in Para API sales.

With a 10% quarterly decline to Rs 842 crore, the company’s net debt-to-EBITDA ratio was 0.98 times.

Krishna Prasad Chigurupati, Chairman and Managing Director of Granules India, 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 incidents 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,” Chigurupati added.

At 3:30 pm, the shares of Granules India closed 0.94% lower at Rs 396 on NSE.