Gujarat, India, October 10 - Veerhealth Care Ltd, a company specializing in ayurvedic, herbal, and personal care products, is poised for significant expansion following the receipt of a substantial export order from East Africa. The order, valued at 1.36 crore, originates from M/s. Vision Impex Limited in Uganda, East Africa, and pertains to the "Fresh Up Red Gel Toothpaste" product line. Veerhealth Care Ltd is expected to fulfill this order within the next three months.
This export order adds to the momentum generated by the company's contract signed in June 2023, which involves the supply of the "WHIDENT" range of toothpaste to North West African countries, including Morocco and Casablanca. This strategic move aligns with the company's overarching expansion strategy aimed at bolstering its presence in the export market and increasing export sales. Veerhealth Care Ltd has already established a successful track record of manufacturing and exporting various types of toothpaste to East African countries.
The company has approved the allotment of bonus shares, announcing a 1:1 bonus issue.
Veerhealth Care Ltd has undergone a successful turnaround in its business operations during FY23 and is now prepared for the next phase of growth.
The company boasts a robust product portfolio, featuring over 100 Herbal and Ayurvedic Products in categories such as Skincare, Bodycare, Haircare, Oralcare, Healthcare, and Fragrance.
To fuel its expansion plans, the company has successfully completed a preferential issue amounting to Rs. 5.9 crore.
The company's brand, 'Ayuveer,' and its e-commerce platform have gained substantial traction in both domestic and export markets, with exports now reaching the USA and South Africa.
Notable clients of Veerhealth Care Ltd include Dava India, Gracious Pharma, Babuline Pharma, Graciera Pharma, and Apollo Pharmacy.
In a meeting held on September 25, 2023, the Board of Directors approved the allotment of 99,99,238 Bonus Shares in a 1:1 ratio. This means that every existing Equity Share of Rs. 10 each will be matched with an additional Equity Share of Rs. 10 each. Additionally, the board has sanctioned an increase in the authorized share capital of the company from Rs. 21 crore to Rs. 31 crore.
Veerhealth Care Ltd is committed to becoming a leading provider of healthcare and personal care products, offering research-based quality products to meet the diverse health needs of its customers.
The company's impressive financial performance in FY23 includes a reported net profit of Rs. 1.58 crore and sales of Rs. 13.28 crore. In Q1FY24, the company reported a 28% year-on-year growth in total income and a remarkable 294% year-on-year increase in net profit.
Veerhealth Care Ltd is on track with its long-term growth roadmap, having already executed its expansion plans. The 'Ayuveer' brand continues to gain traction in both domestic and export markets, with the company gearing up to launch numerous innovative products in the near future.
In March 2023, the company successfully completed a preferential allotment of 30.65 lakh equity shares of Rs. 10 each at Rs. 19.25 per share, including a premium of Rs. 9.25 per share, totaling Rs. 5.90 crore. These funds are earmarked for expanding the company's manufacturing facilities, introducing new product lines, and installing new manufacturing capabilities.
Veerhealth Care Ltd is dedicated to producing research-based, high-quality products with the guidance of renowned experts such as Dr. Vinod C. Mehta, an Ayurvedic practitioner with 30 years of experience, and Dr. Rajiv Bhirud, an expert in the formulation of cosmetic and personal care products. The company operates state-of-the-art manufacturing facilities and employs skilled personnel to ensure the optimal utilization of resources and the production of top-quality products.