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Follow on Google News | Elder Pharmaceuticals Clears Pending Statutory Payments Related to TDS, PF, ESIC, MWLFElder 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.
By: Sentinel Public Relations Pvt Ltd http://www.bseindia.com/ 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) 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 mitesh@publicrelationindia.com http://www.publicrelationindia.com http://www.elderindia.com End
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