* Propelled by robust sales, the company’s net profit increased to Rs 14.59 crore in the first quarter of FY 2021-22 from Rs 2 crore in the same period last year
Riding on the remarkable execution of its sales and logistics strategies, Venus Remedies Ltd (NSE: VENUSREM, BSE: 526953), one of India’s leading research-driven pharmaceutical companies, has posted a sevenfold increase in net profit in the first quarter of this financial year as compared to the corresponding period last year.
Announcing its unaudited financial results for the quarter ending June 30, Venus Remedies stated that its net profit recorded an increase of 629.5%, rising to Rs 14.59 crore in the first quarter of FY 2021-22 from Rs 2.00 crore in the corresponding quarter of the previous year.
Likewise, the company’s net profit percentage to total revenue grew from 1.11% to 10.51% and the EBIDTA percentage to revenue from 12.41% to 15.55%, reflecting impressive fast-paced growth.
“Our profitability growth in the first quarter of this financial year was mainly driven by robust sales of the company’s critical care products in the domestic market. This consequently resulted in lower freight costs and other selling expenses. The concerted efforts we have put in and the resources we have mobilized over the past two years to strengthen our relations with suppliers and customers are paying off,” said Mr. Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, while commenting on the company’s notable financial performance.
Venus Remedies’ R&D initiatives to develop innovative products catering to unmet medical needs and its focus on building a robust product pipeline consisting of a balanced mix of generic and R&D-based drugs have put the company on a trajectory of high growth.
About Venus Remedies
Panchkula-based Venus Remedies Ltd (NSE: VENUSREM, BSE: 526953) is among the 10 leading fixed-dosage injectable manufacturers in the world. Having presence in 75 countries with a portfolio of products spread over Europe, Australia, Africa, Asia-Pacific, Commonwealth States, Middle East, Latin America, and Caribbean region. The company has nine globally benchmarked facilities in Panchkula, Baddi and Werne (Germany), apart from 11 overseas marketing offices. Its manufacturing units are certified for ISO 9001, ISO 14001, ISO 18001 and OHSAS. The company has also been approved by European-GMP, WHO-GMP and Latin American GMP (INVIMA), among others. Ranked among top 50 in India, 107th in Asia and among the world’s 500 largest pharmaceutical manufacturing companies, Venus Remedies has won more than 100 patents, 70 trademarks and 12 copyrights for its innovative research products worldwide.