Jan 20, 2007, 11.29 AM | Source: Moneycontrol.com
Granules India Ltd has signed its first Master Services Agreement with GlaxoSmithKline Consumer Healthcare R&D for product development recently.
The agreement is part of the company's venture into contracts for product development with various partner companies, according to Mr Krishna Prasad, Managing Director.
The Hyderabad-based pharmaceutical formulation intermediates (PFIs) company has reported a 37.43 per cent jump in net profit at Rs 3.05 crore for the quarter ended December 31, 2006 against Rs 2.22 crore in the corresponding quarter last year.
Net sales during the quarter grew by 12.98 per cent to Rs 50.21 crore, compared with Rs 44.44 crore in the corresponding quarter of last fiscal.
Explaining the company's performance, Mr Krishna Prasad said Metformin API (active pharmaceutical intermediates) and PFIs have largely contributed to the growth. During the review period, Granules India also signed a memorandum of understanding with Hubei Biocause Hellen Pharmaceutical Company (Biocause) of China. It acquired a 50 per cent stake in the company to manufacture APIs, starting with Ibuprofen, of which Biocause is one of the biggest manufacturers and exporters globally.
The company also signed an MoU with PharmaMatch to develop, manufacture and market formulations in the European market jointly.
Taken from Business Line