Shares of this multibagger Pharma stock jumps 5 percent in Tuesday’s trading session after the company published robust financial results for Q2FY24, viz, for the quarter ended September 2023.
With a market capitalization of Rs 526.66 crores, the stocks of Venus Remedies Limited opened their trading hour on Tuesday at Rs 383.25 and currently trades at Rs 394, gaining approximately 5 percent as compared to the previous close of Rs 376.35 apiece.
Such bullish behavior in the company’s stock was observed after it posted results for the quarter ended September 2023 via a regulatory filing with the BSE. The company reported a stellar performance as far as the operating revenues and net profits are concerned.
On a yearly basis, the company reported an increase in operating revenues from Rs 139.89 crores during Q2FY22-23 to Rs 167.72 crores during Q2FY23-24. Moreover, the net profits rose from Rs 5.33 crores to Rs 9.94 crores keeping the timeframe the same.
In addition, the company, on a sequential basis, reported an increase in the metrics mentioned above with the operating revenues increasing from Rs 95.15 crores during Q1FY23-24 to Rs 167.72 crores during Q2FY23-24, and, the net profits increasing from Rs 1.18 crores to Rs 9.94 crores representing an increase of around 742 percent.
The company has been able to increase its gross profit margins from 11.76 percent during FY21-22 to 12.69 percent during FY22-23, and, the debt-to-equity ratio has also seen a marginal reduction from 0.10 times to 0.09 times keeping the same time horizon.
Year-to-date, the company’s stock has delivered multibagger returns of around 121 percent to its stakeholders, i.e., if someone had invested Rs 1 lakh into the stock at the inception of this calendar year, it would have converted to Rs 2.21 lakhs.
As per the shareholding pattern data available for the quarter ended September 2023, the company’s Promoters hold a 41.76 percent stake and the Public (retail) investors hold a 57.06 percent stake in the company.
Venus Remedies Limited is a drug manufacturer based in India that is engaged in the business of manufacturing and trading pharma products. The company produces food supplements that include food supplements containing vitamins, minerals, amino acids, and others.
Written by Amit Madnani
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