The shares of the pharmaceutical product manufacturer gained up to 10 percent after the company signed a memorandum of understanding to expand its business in the French West African Market.
Medicamen Organics Ltd with a market capitalization of Rs 84.83 crore, the shares were trading at Rs 72.50 per share, increasing around 10 percent as compared to the previous closing price of Rs 66 apiece.
Reason for Rise:-
The shares of the company have seen positive movement after Medicamen Organics Ltd signed a memorandum of understanding with Mr. Vaibhav Kashinath Chaudhari (VKC) and Mistycube Analytics (MA) to expand its business in the French West African Market.
Moreover, This strategic partnership will lead to the formation of Grande Etoile Pharmaceuticals Ltd. (GEPL), aiming to expand its presence in the French West African (FWA) market, including countries such as Senegal, Mali, Ivory Coast, and others.
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Additionally, with this partnership, the company will establish a strong business in the French West African Market by establishing comprehensive infrastructure and distribution networks for pharmaceutical products and in this MoU the company will hold 51% of the new company.
Financial Condition:-
Looking forward to the company’s financial performance, revenue magnified by 14 percent from Rs 22.15 crore in FY22-23 to Rs 25.27 crore in FY23-24, during the same period, net profit magnified multifold times by 147 percent from Rs 0.97 crore to Rs 2.40 crore.
Manufacturing facilities & product portfolio:-
The company’s product list comprises 84 products and offers a wide range of drugs such as antibacterial, antidiarrheal, antifungal, antimalarial, antidiabetic, proton pump inhibitors, antihistamines, antihypertensive drugs, lipid preparations, antiparasitics, multivitamin preparations, multimineral and non-steroidal anti-inflammatory drugs (NSAIDs).
The company has two WHO-GMP-approved manufacturing facilities in Haridwar, Uttarakhand, covering an area of 21,536 Sq. Ft. As of September 30, 2023, the company has entered into contract manufacturing with 38 domestic partners and 12 merchant exporters.
Global Footprint:-
The company’s products are marketed throughout India as well as in African, CIS, and South East Asian countries such as Congo, Benin, Kameg, Togo, Senegal, Burkina Faso, Philippines, Myanmar, Mozambique, Togo, Burundi, Kyrgyzstan and Kenya through third-party distributors.
Company snapshot:-
Medicamen Organics Limited manufactures pharmaceutical formulations and products, such as tablets, capsules, oral liquids, and ointments. The firm maintains two WHO-GMP-certified factories in Haridwar. Medicamen’s product portfolio includes 84 pharmaceuticals.
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Written by:- Abhishek Singh.
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