Aanjaneya Lifecare gets Rs 60cr order to make cough syrup

Bulk drug maker Aanjaneya Lifecare today said it has received orders worth Rs 60 crore from various players, including Wockhardt and Cipla, for manufacturing cough syrup 'Recodex'.

The orders are to be executed within the next two months.

Among others, Remedica, Tanzania Pharmaceutical Ltd, Activo SA and Pharmed Europe Ltd have also placed orders for 'Recodex'.

"It is estimated by the company that these new orders from new clients will have a positive impact by over 20% in sales and 5% on EBIDTA margins this financial year," Aanjaneya Lifecare said in a statement.

The Mumbai-based firm has also received the certificate of suitability (CEP) from European Directorate for the Quality of Medicines (EDQM) for two of its bulk drugs Quinine Sulphate and Quinine Hydrochloride.

"As one of world's largest producers of Quinine salts, this certification opens the gates for a huge market in Europe for Aanjaneya Lifecare Limited," the company said.

Quinine salts is a key ingredient in the manufacturing of anti-malaria drugs.

Commenting on the development Aanjaneya Lifecare Chairman Kannan Vishwanath said: "We have entered into a fast trajectory of growth envisaged in our long-term blue print of making Aanjaneya as a global leader in certain product categories."

The company recently raised about Rs 117 crore from its IPO and the funds are being used to built new capacities along with the refurbishing of R&D centre.

Shares of Aanjaneya Lifecare today closed at Rs 368 on the Bombay Stock Exchange, down 5.64% from its previous close.