Venus Remedies records 9.22 percent increase in sales for FY 2021-22
Speaking about the company's outlook for the current financial year, he said Venus Remedies would be looking at diversification to enhance its profitability, which would be aided by a more stable pricing environment this year.
Mumbai: Venus Remedies Ltd has recorded a 9.22% increase in annual sales in 2021-22 as compared to the previous financial year.
"Aided by concerted efforts to build on its export orders, supply chain, distribution network and product portfolio, the annual sales of Venus Remedies grew from Rs 548.12 crore in FY 2020-21 to Rs 598.65 crore this fiscal," the company said in its recent release.
Announcing its audited, consolidated and standalone financial results for the year ending March 31, 2022, Venus Remedies reported a 16.81% increase in operating profit, which has gone up from Rs 53.78 crore last year to Rs 62.82 crore in FY 2021-22.
Commenting on the company's annual results, Mr Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, said, "Embarking on product diversification with the launch of a full-fledged consumer healthcare division, we expanded the scope of our business to make it more and more sustainable in the long run. We also enhanced our global presence in FY 2021-22 by entering into more territories and launching more than 30 products in our existing markets."
Venus Remedies entered several new global markets like Macedonia, UAE, Ghana, Rwanda, Turkmenistan, Moldova, Ireland, Cuba, Kurdistan, Kuwait and Turkmenistan and Cameroon in FY 2021-22.
Chaudhary said the company also accelerated its efforts to consolidate on its supply chain and distribution network in FY 2021-22 to fundamentally strengthen its business on sustainable lines and lend it more stability in the wake of pricing pressures caused by factors like hike in fuel prices, implications of the Russia-Ukraine war, rising API costs and disruption in supply chain in the aftermath of Covid restrictions.
Speaking about the company's outlook for the current financial year, he said Venus Remedies would be looking at diversification to enhance its profitability, which would be aided by a more stable pricing environment this year. This will be complimented by the company's continued focus on building a robust product pipeline consisting of a balanced mix of generic and R&D-based drugs, a crucial factor that has stood it in good stead over the years.
