The company’s consolidated revenues rose 11 per cent on-year to Rs 4,919 crore for the reported quarter, but missed Street’s estimates.
“The financial performance of the quarter has been driven by healthy sales growth. I am confident about improving our margins in the upcoming quarters, which will be led by the scale up of recent launches, new product launches and productivity,” said co-chairman and managing director GV Prasad.
The topline performance of the company was led by the domestic and European operations. Sales in India jumped 69 per cent year-on-year to Rs 1,060 crore in the quarter helped by the low base of the year-ago period.
In Europe, revenues climbed 12 per cent on-year to Rs 399 crore as the steady improvement of demand and supply chain issues helped the company.
North American business was underwhelming in the quarter. Revenues in the region rose merely 1 per cent on-year despite a weak base and considerable product launches. On a sequential basis, sales declined because of price erosion in certain products, the company said.
…More to come
