Granules India Ltd, a pharmaceutical company based in Hyderabad, has recorded a net of Rs 12.41 crore during the fourth quarter of the year 2012-2013.

The company had recorded a net profit of Rs. 16.3 crore during the fourth quarter of the financial year 2011-2012. Granules India had recorded a one-time gain on foreign exchange of Rs 7.8-crore during the fourth quarter of 2011-2012 and this may have resulted in the fall of earnings in the fourth quarter of the financial year 2012-2013. The company said that its net sales rose to the level of Rs. 204 crore from Rs. 188 crore recorded in the same period of the previous year.

As for the whole financial year 2012-2013, the net sales of the company rose 17 per cent to Rs. 764 crore. The total net profit rose 8 per cent to Rs 33 crore compared to Rs 30 crore recorded in the previous financial year. The company said that it has recently completed the expansion work on its Gagillapur facility.

Managing Director C. Krishna Prasad said, "While we faced a setback in scaling up our formulation expansion, we are optimistic for the future. The ability to provide high-quality products at a cost effective price and work closely with market leaders has resulted in sustainable revenue. In FY14, we will continue to shift to formulations which will result in an improvement in profitability."