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.
Similar to Elder Pharmaceuticals Clears Pending Statutory Payments Related to TDS, PF, ESIC, MWLF etc After Witnessing Turnaround in Cash Flow Position
Similar to Elder Pharmaceuticals Clears Pending Statutory Payments Related to TDS, PF, ESIC, MWLF etc After Witnessing Turnaround in Cash Flow Position (20)
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Elder Pharmaceuticals Clears Pending Statutory Payments Related to TDS, PF, ESIC, MWLF etc After Witnessing Turnaround in Cash Flow Position
1. Elder Pharmaceuticals Clears Pending Statutory Payments Related to
TDS, PF, ESIC, MWLF etc After Witnessing Turnaround in Cash Flow
Position
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.
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
2. 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.
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http://www.elderindia.com