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Smallcap stock jumps after company received work order to manufacture condoms

Published 14-06-2024, 02:34 pm
Smallcap stock jumps after company received work order to manufacture condoms
CIPL
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CUCO
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The shares of this small-cap gained up to 2 percent after the company received a new work order to manufacture a range of male condoms.

With a market capitalization of Rs 2,574.87 crore, the shares of Cupid (NS:CUCO) Ltd were trading in green at Rs 95.95 per share, increasing around 1.10 percent as compared to the previous closing price of Rs 94.91 apiece.

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Such a bullish movement has been seen in company shares today after Cupid Ltd received an initial order from Cipla (NS:CIPL) Health to manufacture a range of male condoms under the Cipla brand, furthermore, this initial rollout, Cipla Health has committed to placing regular, sizeable orders for male condoms with Cupid Limited in the coming quarters.

Swapnil Dhage, Marketing Manager at Cupid Limited, commented, “We have had productive discussions with the Cipla Health team and are excited about this long-term and mutually beneficial partnership. Securing this initial order is a significant milestone for us, and we look forward to growing our business with Cipla Health.”

Looking into the company financial performance, revenue soared by 50 percent from Rs 42 crore in Q4FY23 to Rs 63 crore in Q4FY24 and during the same period of time, net profit also magnified significantly by 200 percent from Rs 8 crore to Rs 24 crore.

The company boasts a production capacity of up to 480 million male condoms, 52 million female condoms, 210 million sachets of lubricant jelly, and 30 million IVD Test Kits annually. Recently, the company launched its line of CUPID Deodorants and Pocket Perfumes.

In March 2024, the firm acquired critical property in Palava, Maharashtra to increase manufacturing capacity by 1.5 times its current output. As a consequence, the yearly manufacturing capacity will increase by over 770 million male condoms and 75 million female condoms.

Cupid Limited is an India-based condom manufacturer. The company manufactures and supplies male and female condoms, water-based lubricant jelly, and in vitro diagnostics (IVD) kits. Its production site is at Sinnar, near Nashik, around 200 kilometers east of Mumbai.

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Written by:- Abhishek Singh

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