By Malvika Gurung
Investing.com -- Shares of the pharmaceutical company Venus Remedies (NS: VENR ) were locked in a 20% upper circuit at Rs 236.75 apiece in Tuesday’s intraday trade, following a multifold jump in bottomline during the March quarter.
The leading oncology pharmaceutical firm reported an extraordinary 4,667.24% rise in consolidated net profit at Rs 11.06 crore in the March-ended quarter compared to a small profit of Rs 0.23 crore in the same period last year.
Its consolidated net sales advanced nearly 10% to Rs 155.64 crore in the quarter ended March 31, 2023, on a year-on-year basis as against Rs 141.9 crore in the March 2022 quarter.
Venus Remedies’ EBITDA rallied a whopping 259.7% on a YoY basis to Rs 28.02 crore in the quarter under focus, while its operating profit skyrocketed 347.27% YoY to Rs 24.6 crore in the period from Rs 5.5 crore in the year-ago quarter.
The pharmaceutical company’s Board of Directors have appointed NPS Monga as an Additional Director or Non-Executive Independent Director of Venus Remedies, starting May 29, 2023, noting that he will hold office until the conclusion of the next General Meeting.
InvestingPro models appear bullish on the small-cap stock and have an average fair value of Rs 289.91/share set on it, indicating a 22.5% potential upside.
InvestingPro sees the most bullish fair value set on the pharma stock as Rs 382/share.
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