Venus Remedies, the Chandigarh-based pharma company, announced strong performance during the third quarter ended December 2005 and is now gearing its resources for future growth. The company's net profit has taken a quantum jump of 303 per cent to Rs 5.08 crore from Rs 1.26 crore in the corresponding period of last year. Its net sales also moved up sharply by 177 per cent to Rs 26.08 crore from Rs 9.42 crore. The earning per share, after considering enhance equity capital, reached at Rs 6.04 for the quarter under review. Its Paid-up capital increased to Rs 8.41 crore from Rs 6.40 crore due to allotment of 20 lakh shares pursuant to exercise of option to convert Zero Coupon warrants.

For the nine months period ended December 2005, its net profit increased by 313 per cent to Rs 10.80 crore from Rs 2.62 crore and its EPS jumped to Rs 12.85 from Rs 4.09. The net sales went up by 163 per cent to Rs 62.06 crore from Rs 23.61 crore.

The IPR Division of the company has filed its third PCT international application for an international patent for its other R&D product during December 2005 under the application titled the 'Fixed dose combination drug of latest generation cephalosporin with an aminoglycoside.' The company received US FDA approval for its Unit II and went into stream as per schedule during the quarter. The unit commissioned commercial production of both cephalosporin and oncology facilities.

Recently, Venus reconstituted its Board by appointing Dr. Gilbert Wenzel, a renowned pharmacist with over 25 years of experience in pharma and healthcare with Mckinsey and Novartis; Hari Pal Verma, senior advocate with Punjab and Haryana High Court and S.K. Chadha, professor of international business with University Business School.