Venus Remedies has posted a seven-fold increase in net profit in the first quarter of this financial year as compared to the corresponding period last year, the company said in a statement.
Announcing its unaudited financial results for the quarter ending 30th June, the company stated that its net profit recorded an increase of 629.5 per cent, rising to Rs 14.59 crores in the first quarter of FY 2021-22 from Rs 2 crores in the corresponding quarter of the previous year, the statement added.
Likewise, the company’s net profit percentage to total revenue grew from 1.11 per cent to 10.51 per cent and the EBIDTA percentage to revenue from 12.41 per cent to 15.55 per cent, reflecting impressive fast-paced growth, it further mentioned.
“Our profitability growth in the first quarter of this financial year was driven by robust sales of the company’s critical care products in the domestic market. This consequently resulted in lower freight costs and other selling expenses. The concerted efforts we have put in and the resources we have mobilised over the past two years to strengthen our relations with suppliers and customers are paying off,” said Saransh Chaudhary, President, Global Critical Care, Venus Remedies, while commenting on the company’s notable financial performance.