Condom maker Cupid Ltd on April 9 reported a 189 percent surge in net profit at Rs 23.7 crore in the quarter ended 31 March, 2024. The company has posted a net profit of Rs 8.3 crore in the year-ago period.
Cupid also reported a 52 percent rise in sales for the fourth quarter as against Rs 41.50 crore during the previous quarter ended March 2023.
Annual EBITDA, or earnings before interest, taxes, depreciation, and amortization, grew 3.36 percent from 25.93 percent in FY23
to 29.28 percent in FY24.
"We are extending our global footprint, entering new geographies both internationally and within India. A recent addition to our growth strategy are our new product lines: IVD kits and deodorants, where we are enhancing our B2C presence through a comprehensive, multi-pronged strategies. Our expansion is further supported by strategic partnerships with marketing and distribution allies worldwide, streamlining our reach and engagement with diverse markets," the company said in a statement.
The company also mentioned that it has remained debt free and has cash and cash equivalents of Rs 173.58 crore.
On the acquisition of land in Mumbai, Cupid said, "The acquisition of land for our new plant marks the beginning of a new chapter for Cupid Limited. With full-fledged construction commencing this quarter, we anticipate the start of production in the new facility within the next 16 months." The company is also set to expand its global footprint by forging new partnerships with international players.
Shares of Cupid Ltd on April 9 closed at an upper circuit at Rs 134 apiece on BSE.
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