GRANULES · Healthcare
Granules India Ltd. reported revenue of ₹967 cr for July to September 2024, −18.7% on the year and −18.1% on the quarter.
Operating profit (EBITDA) was ₹203 cr, a margin of 21.0%, +308 bps on the year and −96 bps on the quarter. Over the last 6 quarters the margin has ranged from 13.9% to 21.9%, averaging 19.7%. Operating costs grew −21.7% against revenue growth of −18.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹97.0 cr, −4.9% on the year and −28.1% on the quarter, with earnings per share of ₹4.01. Profit before other income, one-offs and tax fell 6.7%, so the profit growth came from the business itself. The tax rate of 24% is in line with its recent average.
On earnings per share of ₹20.10 over the last four quarters, the stock at ₹823.00 trades at 40.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 21.0%, +308 bps on the year (−96 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,189 cr | ₹1,156 cr | ₹1,176 cr | ₹1,180 cr | ₹967 cr | ₹1,138 cr | ₹1,197 cr | ₹1,210 cr | ₹1,297 cr | ₹1,388 cr | ₹1,471 cr | ₹1,477 cr |
| YoY | — | — | — | +20% | −19% | −2% | +2% | +3% | +34% | +22% | +23% | +22% |
| EBITDA margin | 17.9% | 21.6% | 21.8% | 21.9% | 21.0% | 20.2% | 21.1% | 20.4% | 21.4% | 22.2% | 23.9% | 23.0% |
| Other income, % of PBT | 1% | 1% | 1% | 1% | 2% | 4% | 17% | −7% | −1% | −2% | 10% | 1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 26% | 26% | 24% | 23% | 23% | 22% | 26% | 26% | 23% | 25% |
| Net profit | ₹102 cr | ₹126 cr | ₹130 cr | ₹135 cr | ₹97.0 cr | ₹118 cr | ₹152 cr | ₹113 cr | ₹131 cr | ₹150 cr | ₹202 cr | ₹180 cr |
| YoY | — | — | — | +181% | −5% | −6% | +17% | −16% | +35% | +27% | +33% | +59% |
| Core profit YoY | — | — | — | +175% | −7% | −13% | −5% | −13% | +42% | +40% | +44% | +54% |
| EPS | ₹4.21 | ₹5.18 | ₹5.35 | ₹5.56 | ₹4.01 | ₹4.85 | ₹6.27 | ₹4.64 | ₹5.38 | ₹6.19 | ₹8.13 | ₹7.26 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Granules India Ltd. reported revenue of ₹967 cr (−18.7% on the year) and net profit of ₹97.0 cr (−4.9% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −6.7% on the year, against −4.9% for reported profit.
None of the 7 checks that could run raised a question.
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