Net revenue for the three months ended December 31 was INR1.86bn ($37.1m) up around 45 per cent on the equivalent period in fiscal 2011 with net profit increasing 42 per cent to INR8bn.
Of the revenue gains Granules’ finished dosage business – which makes ibuprofen and metformin – generated INR50bn, up 61 per cent on growing US demand for the latter drug.
Similarly, Granules' pharma intermediates unit also saw growth. The firm said that higher global paracetamol and ibuprofen sales helped revenues climb 52 per cent to INR64bn.
Granules’ API business brought in a more modest INR41bn, yet this was still up 12 per cent on Q3 in fiscal 2011 thanks to both higher customer demand and the growth of the firm’s finished dosage business.
In a press statement company managing director Krishna Prasad said: “We have successfully gained market share because customers appreciate our blend of quality, customer service and value.
Granules elaborated on this in its quarterly results presentation, suggesting that: “Big Pharma continues to be under pressure due to the loss of patented drugs; they are continuing to look to India for highly-efficient manufacturing.”
The third quarter results fit with the pattern seen in the prior period and further support the Indian firm’s expansion strategy – which has already seen it increase capacity for the APIs metformin and guaifenesin.
In addition to this Granules is adding oral solid dosage production capacity in a project that began in August last year.
At the time spokesman Vijay Ramanavarapu told in-Pharmatechnologist.com that: “We are increasing our solid oral dosage capacity from 6 billion doses to 18 billion doses by adding new equipment in our existing facility [in Gagillapur]´.
In its latest announcement it revealed that it expects the OSD expansion – which is part of its finished dose business - to be competed and operational in the next six months.