Venus Remedies gains on registering with govt body; to get custom duty exemption

“This exemption will not only enable us to reduce production costs but also empower us to invest more in research and development, enhancing our competitiveness and expanding our global reach,” said Saransh Chaudhary, chief of research at Venus Remedies.

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Venus Remedies shares were trading 3 percent higher in the morning trade of September 14 after the pharma company, in a regulatory filing, announced having registered with the union government’s Department of Scientific and Industrial Research (DSIR). This will allow the company to avail exemption from paying customs duty, it said.

“We are honoured to receive this registration from DSIR. This exemption will not only enable us to reduce production costs but also empower us to invest more in research and development, enhancing our competitiveness, and expanding our global reach,” said Saransh Chaudhary, chief of research at Venus Remedies.

At 10.15 am on the NSE, the Venus Remedies stock was quoting at Rs 244, up Rs 4.95, or 2.07 percent.

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In its results for Q1FY24, the company reported a 33.49 percent YoY (year-on-year) decline in revenue from operations at Rs 95.15 crore. Net profit for the quarter was down 82.87 percent YoY to Rs 1.18 crore. The operating profit margins for the quarter expanded to 10.93 percent from 10.14 percent in the same period of the previous fiscal.

Venus Remedies is engaged in the business of pharmaceutical production. The company specializes in producing various formulations in the therapeutic segment, including antibiotics, oncology drugs, and critical care medicines.

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