Cupid, manufacturer of condoms and deodorants, has reported that its June quarter net profit was up four times at ₹8 crore against ₹2 crore logged in the same period last year.
Income increased 25 per cent to ₹44 crore (₹35 crore). EBITDA was up at ₹7 crore (₹2 crore), while EBIDTA margin was up at 17 per cent (5 per cent).
Work in progress
The board has approved incorporation of a wholly owned subsidiary in UAE to capture market share in the GCC (Gulf Cooperation Council) region. The design of the greenfield plant at Palava is ready and the plant should be operational by the end of calendar year 2025, said the company.
The IVD business has become profitable, and it has launched B2C pocket perfumes. Additionally, it is developing a new deodorants business along with perfume products, hair oils, massage oils, and creams.
The company has strengthened its B2B export business by hiring fresh talent. It has made significant progress in CE Mark and WHO Prequalification Certification processes for its 5 best-selling IVD tests.
The US FDA approval process has been renewed and is underway for the Cupid Version 3 Female Condom, said the company.
Aditya Kumar Halwasiya, Managing Director, said the company’s foray into B2C in India in the last seven months has resulted in net revenue of ₹12 crore and this pie will be expanded substantially in the coming days.
Once the additional capacities are up and running with matching orders, the company would get the benefit of1 scale of operations, he added.
“We are prioritising brand expansion by initially focusing on general trade and then modern trade in the domestic market. Internationally we would continue to seek opportunities to expand our brand presence through partnerships with distributors that have a strong presence in their respective markets,” he added.