On Wednesday, the shares of a well-known Indian brand for affordable cancer treatments globally and one of the world’s top ten fixed-dosage injectable producers rose 4%.
Venus Remedies Ltd ended at Rs 261.50 a share, up over 4%, after the company received marketing approval from four markets for the expansion of the Oncology products.
As per exchange filings, The company has consolidated its position in the Gulf Cooperation Council (GCC), Association of Southeast Asian Nations (ASEAN),Balkan, and Caribbean regions with marketing approvals from Oman Malaysia, Bosnja and Trinidad & Tobago for important chemotherapy drugs With this, the number Of marketing approvals for its oncology products across 75 countries have gone up to 503.
While the company has received marketing approval for pemetrexed in Malaysia, one of the ASEAN region’s largest markets, it has also achieved significant regulatory milestones with product registrations for docetaxel in Oman, gemcitabine in Bosnia, and carboplatin, bortezomib, and docetaxel in Trinidad and Tobago.
In the last six months, the stock has gained 47.70 percent ranging from Rs 177 to current levels and year-to-date basis stock has gained 46.95 percent.
“These marketing approvals will enable the company to expand operations to new geographies and open up new avenues for advanced cancer treatment with improved outcomes for patients battling various types of cancer,” said Saransh Chaudhary, President of Global Critical Care at Venus Remedies.
Venus Remedies Ltd is a pharmaceutical firm based in India that operates in both domestic and international markets. Its main business is the production of pharmaceutical products.
According to the company’s financial statement, Operating revenue climbed by 33 percent to Rs 155 crore in Q4 compared to last quarter. In the same way, net profit increased by 266 percent to Rs 11 crore.
On a YoY comparison of the metrics, the revenues declined by 7 percent from Rs 598 crore during FY 21-22 to Rs 555 crore in FY 22-23. Similarly, Net profit declined by 35 percent, from Rs 40 crore to 26 crore.
As per the latest shareholding pattern, promoters of the company hold a 41.76 percent stake, and retail investors hold a 57.11 percent stake in the company as of FY 22-23.
Written by Omkar Chitnis
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