Granules India rises as Virginia facility gets VAI classification

Granules India rose 1.47% to Rs 311 after the USFDA classified Granules Pharmaceuticals, Inc's Virginia facility as Voluntary Action Indicated (VAI).

Granules Pharmaceuticals, Inc is a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA. The US drug regulator on 23 July 2022 had issued form 483 with 6 observations at this facility.

The company announced that the US Food and Drug Administration (USFDA) today classified the facility located at Chantilly, Virginia, USA as Voluntary Action Indicated (VAI). VAI means USFDA accepted the company's response to its observations.

Hyderabad-based Granules India is a vertically integrated fast growing Indian pharmaceutical company. It is present in the manufacturing of entire value chain - from active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediates (PFIs) and finished dosages (FDs).

the drug maker reported a 6.1% rise in consolidated net profit to Rs 127.57 crore on a 20% increase in net sales to Rs 1,019.56 crore in Q1 FY23 over Q1 FY22.

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