Renata posts 13% growth in revenue
Also, its export revenue grew by 22.5% across in 57 countries
Renata PLC has reported a 13.20% growth in revenue, reaching Tk3,132.85 crore in the first nine months of the current fiscal year 2024-25.
This growth was primarily driven by increased demand volume, while the prices of pharmaceutical products remained unchanged.
While its pharmaceuticals' revenue grew by 15.5%, animal health and contract manufacturing declined by 19.6% and 31.9%, respectively, according to its un-audited financial statement.
Keep updated, follow The Business Standard's Google news channel
Also, its export revenue grew by 22.5% across in 57 countries.
However, despite the growth in revenue and exports, its net year-on-year profit declined by 30.5% to Tk183.9 crore, down from Tk263.2 crore in the same time of the previous fiscal year.
Its net finance costs surged by 56% to Tk124.82 crore.
Till March, its loans and borrowings rose to Tk1,224.73 crore, which was Tk1083.41 crore at the end of June 2024.
According to its commentary on its quarterly financials, Renata said its profit decreased due to due to a significant growth in finance costs driven both by the rise in the cost of debt and the increase in debt incurred for ongoing expansion plans.
The firm expects the expansion to be completed later this year, thereafter contributing to additional capacity, underpinning our preparedness for additional sales growth.
Renata said during the year to date, it invested Tk300 crore in capital expenditure to bring in place the Kashor FG & RM Robotic Warehouse and General Facility, Hobirbari Potent Product Facility, Rajendrapur R&D Lab, Oncology Solid Facility extension, etc.
Meanwhile, the drug maker earned over Tk1,064 crore during the January to March period, which is 15% up from Tk921 crore in the same time of the previous fiscal year.
Despite its revenue growth, its profit fell by 22.87% to Tk55.62 compared to the same time of the previous fiscal year.
