Granules India clarifies on reports of company being sold to PE investors

Manufacturing


Pharmaceutical company Granules India on Monday said that the reports of the company being sold to some PE (private equity) investors that were floating in social media are ‘false and malicious’. The management remains committed to the growth of the company, it said.

”This is to bring to your notice that, there were certain messages floating in social media on Friday, 9th July 2021 that the Company is being sold to some PE investors. We would like to deny these messages as they are utterly false and malicious. The management continues to remain committed to the growth of the company,” Granules India said in an exchange filing.

Separately, NSE bulk data showed that BNP Paribas Arbitrage acquired 28,56,834 equity shares in Granules at 362.27 per share on the NSE on July 9. Shares of Granules India closed over 7% higher to 366.4 per share on the BSE on Friday.

Granules India Limited is an Indian pharmaceutical manufacturing company based in Hyderabad, India, which is involved in manufacturing of several off-patent drugs like Paracetamol, Ibuprofen, Guaifenesin and Metformin. The company exports nearly 60% of itsrevenue to the US and Europe.

The company had reported a 38% rise in its consolidated net profit to 127.56 crore for the quarter ended March 31, 2021, on account of robust sales. It had posted a net profit of 92 crore for the corresponding period of the previous fiscal. The consolidated revenue from operations of the company stood at 799 crore for the quarter under consideration as compared to 600 crore for the same period a year ago.

For the financial year ended March this year, the company posted a net profit of 549 crore as against 335 crore for the previous financial year.

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