Drug firm Granules India on Wednesday reported 8 per cent increase in consolidated profit after tax at Rs 130 crore for the fourth quarter ended March 31, 2024.

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The drug firm had posted a profit after tax (PAT) of Rs 120 crore for January-March FY23. Revenue from operations declined to Rs 1,176 crore in the period under review from Rs 1,195 crore in the fourth quarter of FY23, Granules India said in a regulatory filing.

For FY24, the firm posted a consolidated PAT of Rs 405 crore, down 22 per cent from Rs 517 crore a year ago, it added.Revenue from operations declined to Rs 4,506 crore from Rs 4,512 crore in 2022-23.

"We had a strong uptick in gross margin for Q4 and for the full year, with continued growth in formulations share coming from the US and Europe as part of our global expansion strategy and a higher contribution from new products," Granules India Chairman and Managing Director Krishna Prasad Chigurupati said.

While the fiscal year numbers were below expectations due to cyber incident and low paracetamol demand, the company is upbeat about the way strategies for the future are playing out and looks forward to the upcoming years, he added.

The company said its board has recommended a final dividend of Rs 1.5 per share of face value of Re 1 each for 2023-24. Shares of the company on Wednesday ended 0.83 per cent down at Rs 396.50 apiece on the BSE.