On Tuesday, the shares of India’s largest antibiotics drug maker rose up to 4.5 percent to Rs 401.30 per share after the company received approval to expand its business in the Middle East region.
At 12:20 p.m., Venus Remedies Ltd shares were trading at Rs 393.10 per share, up 2.45 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 401 crore.
Venus Remedies Limited has successfully received three new Marketing Authorizations for Enoxaparin, a critical anticoagulant medication. The approved formulations include Enoxaparin 80mg/0.8ml, 60mg/0.6ml, and 20mg/0.2ml.
The approvals have been granted by the regulatory authorities in Bahrain, strategically to expand companies in the Asia (Middle East) region. The company said in its exchange filing.
Enoxaparin injection is used to prevent deep venous thrombosis, Enoxaparin is used to prevent blood clots in the leg in patients who are on bedrest or who are having hip replacement, knee replacement, or stomach surgery.
In the last six months, the stock has gained 110 percent in a year. A shareholder investment of Rs 1 lakh in the company would be worth Rs 2.10 lakhs in a year.
The company’s revenue has jumped by 20 percent yearly, from Rs 139 crore in FY Q2FY23 to Rs 167 crore in Q2FY24. In the same timeframe, Net profit has increased by 86 percent from Rs 5.33 crore to Rs 9.94 crore.
The company has three manufacturing facilities, 800+ market authorizations, 100+ global patents, and a 90+ product basket in its portfolio.
In FY23, the company signed a contract with a renowned biopharma company for Meropenem 500mg (injection) and Meropenem 1gm (injection) taking the company’s total contract manufacturing partnerships to 15+ companies.
In the recent financial year, the company reported a return on equity of 5.77 percent and a return on capital employed at 7.37 percent.
Venus Remedies Ltd is an Indian Pharmaceutical company with a presence in domestic and international markets. It is primarily engaged in the business of pharmaceutical product manufacturing.
Written by Omkar Chitnis
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