Granules India Soars 16% As Q2FY20 PAT Doubles yoy

Granules India’s shares jumped 16% in afternoon trade after the company posted its results for the quarter ended September 2019.

The pharma company reported a 102.8% yoy rise in its PAT at Rs47cr excluding joint venture profit for the second quarter.

The share of the JV profit came in at Rs13cr, hence, total PAT stood at Rs60cr.

Income from operations rose 20.4% yoy to Rs700cr in the quarter under review from Rs581cr in Q2FY19.

The operating margin stood at 20.5%, rising 322bps yoy.

The Company’s Board of Directors has recommended a second interim dividend of 25 paise per share of face value of Rs1 each.

The Board has approved the divestment of the company’s stake in Granules Omnichem Private Limited, a Joint Venture Company located in India and an approval to divestment of its stake in Granules Biocause Pharmaceutical Co. Limited, a Joint Venture Company located in China. Both the actions will allow the company to focus on its core strengths while allowing it to enhance its free cash flow and reduce net debt. – IIFL

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