Venus Remedies hits 20% upper circuit after March quarter net profit jumps 200%

Standalone net profit for the March quarter stood at Rs 7.54 crore, up 211.57 percent from Rs 2.42 crore a year ago. Revenue for the quarter rose 15.34 percent to Rs 148.53 crore last year.

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Shares of Venus Remedies Ltd hit the 20 percent upper circuit on May 30 after the company reported an over-200 percent jump in its March quarter net profit.

The stock hit a high of Rs 238.35 on the BSE, up 20 percent from its previous close. The benchmark Sensex edged up 0.2 percent to 62,973 points.

Standalone net profit for the March quarter stood at Rs 7.54 crore, up 211.57 percent from Rs 2.42 crore a year ago. Revenue for the quarter jumped 15.34 percent to Rs 148.53 crore last year.

Consolidated net profit for the quarter surged 4,700 percent to Rs 11.06 crore from Rs 0.23 crore a year ago. Net sales climbed 9.3 percent to Rs 155.64 crore.

Venus Remedies, a prominent global provider of cancer drugs, has recently obtained the marketing authorisation for two additional cancer drugs in the Philippines and Iraq. In the Philippines, the second-largest market within the Association of Southeast Asian Nations (ASEAN) region, Venus Remedies has obtained the marketing approval for its drug Bleomycin.

Venus has debuted in the Iraqi market after securing product registration for Gemcitabine. This expansion allows the company to extend its reach and provide valuable cancer medications to patients in this region. The approval to Gemcitabine hints a significant breakthrough for Venus Remedies in establishing a presence in the Iraqi drug market.