Capitalising on its execution of large export orders even in the face of Covid-19 constraints, Venus Remedies Ltd (VRL), India’s leading Research and Development-driven pharmaceutical company, has recorded a 61% increase in annual sales in 2020-21 as compared to the previous financial year.
Driven by a robust supply of active pharmaceutical ingredients by key long-associated suppliers and riding on global exports, the company’s major growth driver, VRL’s annual sales grew from Rs 339.33 crore in FY 2019-20 to Rs 548.12 crore this fiscal.
Announcing its audited, consolidated and standalone financial results for the quarter and year ending March 31, 2021, the company reported a net profit of Rs 61.77 crore. Its EBITDA grew by 59% in FY 2020-21 to reach Rs 73.40 crore.
Embarking on a debt-free future for the company, VRL has repaid its entire debt with banks and financial institutions in FY 2020-21. “As on date, there are no secured borrowings from banks or financial institutions in the books of accounts of the company,” said Mr Saransh Chaudhary, President, Global Critical Care, Venus Remedies Ltd, while commenting on the annual results.
“We have been putting in dedicated efforts and resources over the past two years to strengthen our relations with suppliers and customers, which helped us in gaining their confidence and proved to be a key turning point for the company,” he said.
Speaking about the highlight of its operations in FY 2020-21, Chaudhary said that while the world reeled under the adverse impact of the pandemic, VRL rose to the occasion by catering to the requirements of Covid-19 patients through medicines addressing the problem of blood coagulation and other critical care antibiotics.
VRL’s R&D initiatives to develop new products catering to unmet medical needs and its focus on building a robust product pipeline consisting of a balanced mix of generic and R&D-based drugs have given a definitive edge to the company in the pharmaceutical industry.
Chaudhary said that with a recalibrated marketing strategy and a carefully laid out marketing blueprint, VRL has been able to tap into an expansive customer base both within and outside India, which has turned out to be a decisive game-changer for the company.