Shares of Venus Remedies Ltd rose 20% on May 30 after the company reported a more than 200% rise in net profit for the March quarter.

The stock touched a high of Rs 238.35 on the BSE, up 20% from its previous close. The benchmark Sensex inched up 0.2% to 62,973.

Standalone net profit for the March quarter stood at Rs 7.54 crore, up 211.57% from Rs 2.42 crore a year ago. Revenue in the quarter last year rose by 15.34% to Rs 148.53 crore.

Consolidated net profit for the quarter surged 4,700% to Rs 11.06 crore from Rs 0.23 crore a year ago. Net sales climbed 9.3% to Rs 155.64 crore.

Venus Remedies, a well-known global supplier of anti-cancer drugs, recently received approval for two other anti-cancer drugs in the Philippines and Iraq. In the Philippines, the second-largest market in the Association of Southeast Asian Nations (ASEAN) region, Venus Remedies has received marketing approval for its drug bleomycin.

After obtaining product registration for gemcitabine, Venus made its debut in the Iraqi market. This expansion allows the company to expand its reach and bring valuable cancer medicines to patients in the region. The approval of Gemcitabine marks a major breakthrough for Venus Remedies in building its presence in the Iraqi drug market.