Shares of Venus Remedies Ltd, shot up 20 percent on Tuesday’s early trade to hit the 20 percent upper circuit. Company shares were locked at ₹ 236.75 apiece on the National Stock Exchange (NSE). After the company announced strong earnings for the period ending on March 31, 2023.
The company’s net profit increased by 4708% to Rs 11.06 crore in Q4FY23 from Rs 0.23 crore in Q4FY22. Additionally, revenue from operations increased by 9.9 % to Rs 159.05 crore from Rs 144.70 crore in the corresponding quarter last year.
Venus Remedies Ltd is engaged in the manufacturing of pharmaceutical products for anti-cancer drugs. And company works on in-house research and development activities that focus on Formulation Development, Novel Drug Delivery Systems, new formulations of off-patented chemicals, and analytical and chemical research.
As per consolidated financials, the company reported operating revenue increased from ₹120.89 crores in Q3 to ₹159.05 crores in Q4. Similarly, the net profits of the company during the same period, increased by 236 percent from ₹3.29 crore to ₹ 11.06 crore.
On a YoY comparison of the metrics, the revenues reduced from ₹ 608.49 crores during FY 21-22 to ₹565.83 crores in FY 22-23. The PAT numbers have declined within the timeframe mentioned, from ₹ 40.72 crores to ₹26.57 crores.
According to the latest data pertaining to the shareholding pattern, promoters of the company hold a 41.76 percent stake, and the public holds a 57.11 percent stake in the company for FY 22-23.
Written By Omkar C
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