In a significant strategic development, Cupid Limited, a pioneer in the personal health industry, has announced its acquisition of a new land parcel in an Industrial Area near Mumbai. This move is set to remarkably increase the company's production capabilities, enhancing its position in the global market.
The acquisition will enable Cupid Limited 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 of 480 million male condoms and 50 million female condoms.
Talking about the development, Mr Aditya Halwasiya, Managing Director, further highlighted the prospects, "Within 18 to 24 months post-expansion, our capacity for male condoms is expected to surge to an impressive 1.25 billion units, while female condom production will rise to 125 million units. This marks a new era in Cupid Limited's journey towards global leadership in sexual wellness and reaffirms our long-standing commitment to all our stakeholders that 'We help the world play safe'.
Importantly, this capacity expansion will be funded entirely through internal accruals, with no reliance on borrowings. The company plans to invest in state-of-the-art machinery for each production stage, reaffirming its commitment to quality and innovation.
Additionally, Cupid Limited is set to expand its global footprint by forging new partnerships with international players. This strategic move will not only enhance Cupid Limited's market reach but also bolster its already strong international presence to more than 105 countries globally in the sexual wellness sector. The Indian contraceptives market is set to grow at a healthy rate of 12.2% CAGR over the next 7-10 years, with a broader cultural shift among the younger end of the target market and population growth.
Shares of Cupid Limited was last trading in BSE at Rs. 863.20 as compared to the previous close of Rs. 834.95. The total number of shares traded during the day was 21830 in over 1638 trades.
The stock hit an intraday high of Rs. 875.75 and intraday low of 824.85. The net turnover during the day was Rs. 18579818.00.