NASHIK, India, April 9, 2024 -- In an extraordinary display of financial growth and operational efficiency, Cupid Limited has achieved its highest quarterly sales, EBITDA (₹3,090 lakhs in Q4FY24), and PAT (₹2,371 lakhs in Q4FY24) numbers and margins to date.

  • Quarterly Sales Growth: Our operating income saw a remarkable increase of 57.04% quarter-over-quarter, soaring from ₹4,005 lakhs in Q3FY24 to ₹6,289 lakhs in Q4FY24.
  • Quarterly EBITDA Margins: EBITDA margins experienced a significant boost, climbing from 30.33% in Q3FY24 to 49.13% in Q4FY24, marking an improvement of 18.8% quarter-over-quarter.
  • Quarterly PAT Margins: PAT margins improved significantly, from 22.13% in Q3FY24 to 37.71% in Q4FY24, an increase of 15.58% quarter-over-quarter.
  • Annual Sales Growth: On an annual basis, operating income grew by 7.38%, from ₹15,932 lakhs in FY23 to ₹17,108 lakhs in FY24.
  • Annual EBITDA Growth: Year-over-year, EBITDA margins rose by 3.36%, from 25.93% in FY23 to 29.28% in FY24.
  • Annual PAT Growth: Compared to the previous fiscal year, PAT margins grew by 3.47%, from 19.82% in FY23 to 23.29% in FY24.

These achievements reflect Cupid Limited's robust growth across all segments, underpinned by innovative strategies and operational excellence.

Managing Director, Mr Aditya Kumar Halwasiya's message to all Cupid Limited stakeholders on the Company's Q4 FY24 Result Announcement:

Strategic Expansion and innovation

"Building on this momentum, Cupid Limited is embarking on an exciting expansion journey. We are extending our global footprint, entering new geographies both internationally and within India. A recent addition to our growth strategy are our new product lines: IVD Kits and Deodorants, where we are enhancing our B2C presence through a comprehensive, multi-pronged strategies.

Our expansion is further supported by strategic partnerships with marketing and distribution allies worldwide, streamlining our reach and engagement with diverse markets."

Operational Excellence and Sustainability

"Proudly, we stand among the select few companies with no sundry creditors on our books, a testament to our prudent financial management. Our inventory management and procurement processes with the help of constant engagement with our suppliers have been refined, yielding significant cost savings and enhanced efficiency.

We are also proud of remaining a debt free company and have a war-chest of cash and cash equivalents of ₹173.58 crores."

Looking Ahead

"The acquisition of land for our new plant marks the beginning of a new chapter for Cupid Limited. With full-fledged construction commencing this quarter, we anticipate the start of production in the new facility within the next 16 months.

As we move forward, Cupid Limited remains confident about its growth trajectory and financial health, with no foreseeable headwinds in the near to mid-term. Our unwavering commitment to all our stakeholders and the pursuit of global expansion continues to drive us toward achieving new heights."

About Cupid Limited

Established in 1993, CUPID Limited is India's premier manufacturer of male and female condoms, water-based lubricant jelly, and IVD kits. The company boasts a production capacity of up to 480 million male condoms, 52 million female condoms, 210 million sachets of lubricant jelly and 20 million IVD Test Kits annually. In December 2023, the company announced strategic land acquisition that will enable it to amplify its production capacity by 1.5 times the existing output. As a result, the annual production capacity will be augmented by approximately 770 million male condoms and 75 million female condoms. This expansion is in addition to the current production capacity. The company has a prominent presence in the international markets and holds the distinction of being the first company in the world to attain WHO/UNFPA pre-qualification for male and female condoms. CUPID currently exports its products to over 105 countries, with over 90% of its revenue generated from international markets. Furthermore, CUPID has established a long-term agreement with WHO/UNFPA. The company is listed on BSE (BSE: 530843) and NSE (NSE: CUPID).


Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, our ability to successfully implement our strategy, our research and development efforts, changes in the value of the Rupee and other currency changes, intense competition in the industry including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Cupid Limited may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Board of India, Stock Exchange and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.