Venus Remedies bags oncology contract from Pan American Health Organization, shares up 5%

The company informed the exchanges that it has received an oncology tender from the World Health Organization (WHO) backed PAHO. As a part of the tender, Venus Remedies will supply essential cancer treatment drugs to multiple Latin American countries.

In the stock exchange filing, the company said that the tender award highlights Venus Remedies' commitment to its crucial role in the global battle against cancer. The company added that it has been entrusted with the responsibility of supplying a wide range of essential oncology medicines such as bleomycin, carboplatin, cisplatin, cytarabine, doxorubicin, irinotecan, methotrexate and vincristine.

On June 13, Venus Remedies also informed the exchanges that it was awarded a tender by UNICEF for supplying its antibiotic product, Ceftriaxone 1 gm, from UNICEF. The company said that the order has been received as a part of the Beta Lactam tender. The company also mentioned that it has received a Good Manufacturing Practices (GMP) approval from UNICEF.

The company’s consolidated revenue from operations for the quarter ended March 31, 2024, grew over 25% to ₹195.16 crore compared to ₹155.64 crore in the year-ago period. Venus Remedies’ net profit for the March quarter declined 5% to ₹10.51 crore compared to ₹11.08 crore in the year-ago period.

The company’s revenue from operations for the March quarter surged 36% to ₹143.42 crore in the quarter ended December 2023. Its net profit for the March quarter grew over 53% from ₹6.85 crore in Q3FY24.

The company’s revenue from operations for FY24 surged over 8% to ₹601.45 crore compared to ₹555.61 crore in the preceding fiscal. The company’s net profit for FY24 grew over 7% to ₹28.49 crore from ₹26.57 crore on a year-on-year basis.

Shares of Venus Remedies Ltd were trading at ₹382.05 apiece, up 1.53%, on the NSE at 12:03 pm.