Granules India gains nearly 4% after 61 lakh shares change hands in block deal

The stock gained as much as 3.71% to hit a high of ₹424.3 apiece on the NSE after the block deal.

Shares of the Paracetamol maker were trading 2.52% higher at ₹419.4 per piece at 11:58 am on the NSE. Granule India shares have jumped around 55% from the 52-week lows hit in May last year.

In the block deal, the shares were traded at an average price of ₹405 per share putting the deal value at around ₹252.4 crore, according to reports.

Buyers and sellers of shares were not known immediately. The details will be updated by the bourses later.

Promoters of the company hold a 41.96% stake in the company. Public shareholders have a 58.04% stake as of March 31, 2024. The drug maker reported an 8% year-on-year (YoY) increase in profit to ₹129.6 crore for the March quarter of FY24 compared to ₹119.6 crore in the same period of last fiscal.

Its revenue from operations declined by 1.7% to ₹1,175.7 crore in the March quarter compared to ₹1,195.5 crore in the year-ago period.

Formulations including GPI manufactured products rose by 41%. Revenue share from North America increased to 70% in Q4 FY24 compared to 58% in Q4 FY23.

Granules India's operating profit increased by 12% to ₹255.5 crore in Q4FY24. Margins stood at 22%.

Granules India produces several off-patent drugs such as paracetamol, ibuprofen, Guaifenesin and Metformin.

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