Elder Pharmaceuticals Clears Pending Statutory Payments Related to TDS, PF, ESIC, MWLF etc After Witnessing Turnaround in Cash Flow Position

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Free Press Release Submission elderindia.com

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Elder Pharmaceuticals Limited which was going through an erratic cash
flow situation has made major pending statutory payments of TDS,
provident fund, ESIC, Maharashtra Labour Welfare Fund (MLWF) etc to
the tune of approx Rs 26 crore. (Free-Pr-Online.com)

Mumbai, India, March 25th, 2015 — Elder Pharmaceuticals Limited (BSE:
532322 | NSE: ELDERPHARMEQ) which was going through an erratic cash
flow situation has made major pending statutory payments of TDS,
provident fund, ESIC, Maharashtra Labour Welfare Fund (MLWF) etc to
the tune of approx Rs 26 crore. The company has informed the BSE & NSE
to this effect.

http://www.bseindia.com/corporates/anndet_new.aspx?newsid=d6c05454-0734-4f82-b876-348077f1f915

Elder Pharmaceuticals plans to clear the backlog of other payments
very soon. Elder is also in talks to raise fresh funds through a
combination of debt or debt cum equity in order to improve its cash
flow and performance. The company’s cash flow cycle was affected for
a larger part of FY 2014-15 resulting in payments getting delayed to
its various creditors and government bodies. In view of the growth in
sales of its pharma & OTC products recently, the company is
anticipating regular cash infusion which will contribute to its
working capital, regular expenses and debt retirement needs.

Elder Pharmaceuticals ( http://www.elderindia.com ) is a major player
in the Anti-infectives, Multi Vitamins, Cardiology and Skin care
segments and is also present in the Over The Counter segment (OTC)
through its products like AM/PM, Solo, Respite, Rhyme covering sectors
like Oral Mouthwash, Skin Care, Nasal Decongestion, Muscle relaxants
and Color Cosmetics. Elder has a prominent position in the pharma
space in India and abroad with its products commanding good demand
from hospitals, doctors etc. A few products like Eldervit (a
nutraceutical), anti-infectives like Cefixime based Formic and Elfi, &
Skin O2 (dermatology) have significant market share and are growing at
over 14% annually. The company has 6 state-of-the-art production
facilities across India backed by a team of over 2 dozen scientists.

Going forward, the company is embarking on a major price revamp
supported by an aggressive national expansion campaign in order to
garner a larger share in the domestic market. Elder’s International
operations are registering steady growth and more than 40% of
Elder’s revenue is likely to come from its global business. As a
part of Elder’s deal with Torrent Pharmaceuticals in 2013 – which
involved sale of over 30 brands and transfer of Elder’s domestic
employees to Torrent – Elder shall utilize its six plants for contract
manufacture of the formulations business sold to Torrent for 3 years
which will fetch Elder a continous revenue stream of Rs 70 – 75 crore
every year.

Elder group is targeting a turnover of about Rs 1000 cr from its
domestic and international operations by FY 2017.

Press & Media Contact:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Advertising Services
B-603, Samajdeep, Near Bhanu Park/Seasons Restaurant
Adukia Road, Off S V Road
Kandivli (W), Mumbai 400 067 India
Mob: +91 98205 03876
Tel: (022) 28625131/32
Fax: (022) 28625133
[email protected]
http://www.publicrelationindia.com
http://www.elderindia.com

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