Venus Remedies posts 61% increase in FY21 annual sales at Rs 548 crore

Pharmaceutical firm Venus Remedies has recorded a 61% increase in annual sales at Rs 548.12 crore in the financial year 2020-21

Pharmaceutical firm Venus Remedies Ltd (VRL) has recorded a 61 per cent increase in annual sales at Rs 548.12 crore in the financial year 2020-21.

In fiscal year 2019-20, VRL's annual sales stood at Rs 339.33 crore.

Capitalising on its execution of large export orders even in the face of COVID-19 constraints, VRL's annual sales grew to Rs 548.12 crore in 2020-21, a company statement said on Wednesday.

The company reported a net profit of Rs 61.77 crore for the year ended March 31, 2021.

The company's EBITDA grew by 59 per cent in FY 2020-21 to reach Rs 73.40 crore, as per the statement.

Saransh Chaudhary, President, Global Critical Care, Venus Remedies 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.

Chaudhary further 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.

Embarking on a debt-free future for the company, VRL has repaid its entire debt with banks and financial institutions in FY 2020-21, the company said.

"As on date, there are no secured borrowings from banks or financial institutions in the books of accounts of the company," said Chaudhary.

He further added that "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.