The shares of leading condom manufacturers gained up to 0.11 percent after the company signed a commercial agreement for the supply of female condoms in Brazil.
With a market capitalization of Rs 3,491.30 crore, the shares of Cupid Ltd were trading at Rs 130.10 per share, increasing around 2.69 percent as compared to the previous closing price of Rs 133.70 apiece.
According to the company filing, Cupid Ltd has inked a commercial deal to provide 5.9 million female condoms (FC) to Brazil. The entire value of FC supplies would be US$2.773 million, which is comparable to Rs 23.07 crore. The first tranche of 2.1 million FC pieces will be produced soon, with the entire order expected to be fulfilled by Q2FY25.
Looking into Cupid Ltd’s performance, revenue increased by 50 percent from Rs 42 Crore in Q4FY23 to Rs 63 Crore in Q4FY24. During the same duration, net profit increased by 200 percent from Rs 8 crore to Rs 24 crore.
The firm produces up to 480 million male condoms, 52 million female condoms, 210 million sachets of lubrication jelly, and 20 million IVD Test Kits yearly. CUPID exports to over 105 countries and generates over 90% of its income from overseas markets.
In March 2024, the corporation acquired crucial land to increase manufacturing capacity by 1.5 times of current output. This will increase yearly manufacturing capacity by roughly 770 million male and 75 million female condoms.
Cupid Limited is mostly dependent on exports, which account for 94% of its sales, with domestic sales accounting for the remaining 6%. Male condoms account for 75 percent of its sales, followed by female condoms (16%) and Lubricant Jelly (9%).
Cupid Limited is an India-based condom maker. The firm makes and provides male and female condoms, water-based lubricant jelly, and IVD kits. Its manufacturing facility is at Sinnar, near Nashik, around 200 kilometers east of Mumbai.
Written by:- Abhishek Singh
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