Venus Remedies net profit registers 51.88% increase

New Delhi: Venus Remedies has posted a 51.88% increase in net profit in the first nine months of the financial year 2021-22 as compared to the corresponding period of the previous year.

The company’s net profit grew to Rs 40.49 crore in the nine-month period that ended on December 31, 2021 as compared to Rs 26.66 crore in the corresponding period of the last financial year.

Announcing its unaudited financial results for FY 2021-22 for the period April 1 to December 31, 2021, Venus Remedies stated that its operating profit grew by 16.07% to Rs 57.20 crore in the nine-month period ending on December 31, 2021 from Rs 49.28 crore in the corresponding period of financial year 2020-21.

The company’s total sales also grew by 4.57% from Rs 436.75 crore to Rs 456.72 crore in the nine-month period under consideration.

 “Our growth in profitability in comparison to the corresponding period of the previous financial year can be largely attributed to reduction in the finance costs and considerable reduction in costs of logistics. Not only have we been able to reduce the cost of finance through astute financial management, we have also managed to register growth in sales despite the growing challenge of rising prices of active pharmaceutical ingredients for critical care formulations,” said Mr Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, while commenting on the company’s notable financial performance.

 The company’s focus on developing innovative products catering to unmet medical needs and building a robust product pipeline consisting of a judicious mix of generic and R&D-based drugs has put it on a high-growth track.