Chandigarh: Pharma company Venus Remedies on Saturday said it has registered a 9.22 per cent increase in annual sales in 2021-22 in comparison to sales in 2020-21.
“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 FY2020-21 to Rs 598.65 crore this fiscal (2021-22),” the company said in a statement here.
The Panchkula-based company also reported a 16.81 per cent increase in operating profit, which went up from Rs 53.78 crore last fiscal to Rs 62.82 crore in 2021-22.
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, the UAE, Ghana, Rwanda, Turkmenistan, Moldova, Ireland, Cuba, Kurdistan, Kuwait and Turkmenistan and Cameroon in 2021-22, said the statement.
Chaudhary said the company also accelerated its efforts to consolidate on its supply chain and distribution network in 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.
On the company’s outlook for the current financial year, Chaudhary 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 research and development-based drugs, he said.