Board Resolves to Write Off FCCB Liability of ₹38.68 Cr
Mumbai, February 4, 2025 – Venus Remedies Limited (NSE: VENUSREM, BSE: 526953) announced its unaudited financial results for the quarter and nine months ended December 31, 2024, reporting strong revenue growth and profitability. The Board also resolved to write off an unclaimed Foreign Currency Convertible Bond (FCCB) liability of ₹38.68 crores.
Financial Highlights (Standalone)
| Metric (₹ in Crores) | Q3 FY25 | Q2 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 |
|---|---|---|---|---|---|
| Revenue from Operations | 172.54 | 167.02 | 131.23 | 445.42 | 400.05 |
| Total Income | 174.28 | 177.73 | 133.65 | 459.42 | 407.46 |
| EBITDA | 24.65 | 20.98 | 15.43 | 61.45 | 47.02 |
| Profit Before Tax | 19.45 | 14.81 | 8.12 | 44.32 | 27.18 |
| Exceptional Item | 9.91 | - | - | 9.91 | - |
| Net Profit | 24.08 | 9.26 | 8.19 | 37.77 | 17.98 |
| Earnings Per Share (₹) | 18.02 | 6.92 | 6.13 | 28.25 | 13.45 |
- Revenue from operations grew 31.5% YoY to ₹172.54 crores.
- EBITDA for Q3 FY25 stood at ₹24.65 crores, a 59.8% YoY increase.
- Net profit surged 194% YoY to ₹24.08 crores, aided by an exceptional item of ₹9.91 crores.
Consolidated Performance
| Metric (₹ in Crores) | Q3 FY25 | Q2 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 |
|---|---|---|---|---|---|
| Revenue from Operations | 176.85 | 167.45 | 143.42 | 452.92 | 406.29 |
| Total Income | 178.39 | 178.03 | 145.77 | 467.41 | 413.95 |
| Profit Before Tax | 14.97 | 9.07 | 7.78 | 30.89 | 27.17 |
| Net Profit | 19.60 | 2.51 | 6.85 | 24.34 | 17.97 |
| Earnings Per Share (₹) | 14.66 | 2.63 | 5.13 | 18.20 | 13.44 |
- Consolidated revenue stood at ₹176.85 crores, up 23.3% YoY.
- Net profit for Q3 FY25 at ₹19.60 crores, registering a 186% YoY rise.
FCCB Write-Off
The company’s Board, after obtaining a legal opinion, resolved to write off time-barred unsecured FCCB liability of ₹38.68 crores (USD 4.59 million), which had remained unclaimed for over 10 years. Consequently:- ₹28.77 crores (principal) was transferred to the Capital Reserve.
- ₹9.91 crores (accrued interest) was recognized as an exceptional item in the P&L statement.
Segment & Subsidiary Performance
- The company operates only in the Pharmaceuticals segment.
- Venus Pharma GmbH (Germany), a wholly-owned subsidiary, contributed ₹21.90 crores in revenue but reported a net loss of ₹13.43 crores.
Management Commentary
Pawan Chaudhary, Chairman & Managing Director, commented: "We continue to deliver robust revenue growth and strong profitability, backed by operational efficiencies and cost optimization. The FCCB write-off strengthens our financial position, allowing us to focus on future growth opportunities."Strategic Outlook
- Strengthening R&D and expanding manufacturing capabilities.
- Exploring new product launches and market expansions to sustain revenue momentum.
- Expecting stable growth despite macroeconomic uncertainties.