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.