Company expects to commence supply at the; Expects additional growth in sales and net profit from the tie-up
Gujarat (India), September 1: Veerhealth Care Ltd – engaged in the business of ayurvedic, herbal and personal care products has signed memorandum of understanding (MOU) with M/s. Onset Limited. With this MOU, Veerhealth Care will manufacture and supply wide range of products to M/s. Onset Ltd in the oral care, Ayurvedic, Cosmetic and Disinfectant category. The company expects to commence the supply at the earliest possible and expects additional growth in sales and profit in the current fiscal from the tie-up.
M/s. Onset Limited is primarily engaged in the fast moving consumer goods segment with a range of personal care, home care and food products. Company exports to over 60+ international markets and have now entered the domestic market in personal & home care segment. It is a two star export house accredited by the Directorate General of Foreign Trade, Ministry of Commerce and Industry, Government of India.
Veerhealthcare Care Ltd has successfully turnaround the business operations in FY23 and ready for the next phase of growth and quantum jump in the revenue and profits. For Q1FY24, company reported total income growth of 28% Y-o-Y and Net Profit growth of 294% Y-o-Y.
In the month of March 2023, company has successfully completed preferential allotment of 30.65 lakh equity shares of Rs. 10 each at Rs. 19.25 per share including premium of Rs. 9.25 per share amounting Rs. 5.90 crore. The funds are being utilised for the expansion of company’s manufacturing facilities, new product launches and install new manufacturing lines.
Company has recently approved issue of bonus equity shares in the ratio of 1:1 i.e 1 fully paid up equity share for every 1 equity share held as on record date. The board has also approved to increase the authorised share capital of the company to Rs. 31 crore from Rs. 21 crore and consequent alteration in the Memorandum of Association. The company board decided to convene 31st AGM on September 11, 2023.
Company is progressing well on its long-term growth roadmap and already completed its expansion plans. Company’s ‘Ayuveer’ brand is getting good traction in the domestic and export markets and company is planning to launch many innovative product in time to come.
Company has a strong product portfolio of over 100 Herbal and Ayurvedic Products in Skincare, Bodycare, Haircare, Oralcare, Healthcare and Fragrance. Company’s brand ‘Ayuveer’ and its e-commerce platform is getting strong traction in the domestic and export markets; Started exports to USA and South Africa. Company’s client includes Dava India, Gracious Pharma, Babuline, Graciera Pharma, Apollo Pharmacy etc. Company has a vision to become a leading provider of health care and personal care products by making available research-based quality products to meet the varied health needs of customers.
Company has recently signed contract to supply “WHIDENT” range of toothpaste to North West African countries including Morocco, Casablanca etc. The move is part of company’s expansion plans to expand its presence in the export market and increase export sales. Company has already been successfully manufacturing and exporting various types of toothpaste to East African countries. The Company produces Intensive research-based quality products with expert guidance and enormous experience of renowned Vaid of Mumbai, Dr. Vinod C. Mehta, an Ayurvedic practioner since 30 years and Dr. Rajiv Bhirud, an expert in formulations of cosmetic and personal care products. The company is well-equipped with state-of-the-art manufacturing facilities and skilled personnel to ensure optimum utilization of resources with the best quality product.
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Divya Agarwal
