Ahmedabad headquartered pharmaceutical firm La Renon registered 37% growth in its top scale to Rs 1,168.8 crore in the fiscal year ending March 2023. The same year witnessed over Rs 1,150 crore coming in from operations, a 38% increase from the preceding fiscal.
Previously, the company’s revenue stood at Rs 849 crore with a little more than 98% of it being contributed by operations.
The Pankaj Singh founded healthcare firm Renon provides pharmaceutical products and services for various critical illnesses and diseases. It caters to nephrology, neurological disorders, urology, gastroenterology, respiratory and cardiometabolic.
The firm serves kidney patients and is a strong player in the central nervous system drug manufacturing. Outside of India, it currently has operations in major South East Asian, African, and CIS countries.
Its losses for the fiscal year amounted to Rs 117.1 crore, a mere 1% drop as compared to FY22’s Rs 118.4 crore. Although both its current EBITDA and ROCE witnessed a slight drop, it still maintained its position in the positives of 17.82% and 21.19% respectively.
The 2007 established company has secured over Rs 320 crore over 2 funding rounds. It latest round raked in close to Rs 220 crore led by A91 Partners in early 2021.
Post the round, while Pankaj Singh Family trust became the largest shareholder of the company, the likes of Sequoia Capital and A91 Partners also held significant shares.
It’s current valuation stands at Rs 3675 crore.
With employee benefits costing close to Rs 240 crore in FY23, La Renon’s overall expenses were pushed 45% to Rs 1000. Cost of materials and advertisement and promotional costs also took up over Rs 200 crore and more than Rs 110 crore respectively.
In FY22, the company’s expenses stood at Rs 689 crore.