Cupid gets USFDA nod to market male contraceptive variants in US

Cupid Limited, on Monday after the market hours, informed the bourses that it has received USFDA approval for the additional variants of Cupid male contraceptives.

The company has received USFDA nod for the additional four variants to market them in the United States. Earlier, the company had received USFDA approval for one variant of male contraceptives.

During FY20, the company has achieved the highest-ever export sales at 91 per cent. Also, capacity utilisation during FY20 stood at 86 per cent and 92 per cent for the male and female condom production, respectively.

Further, the company achieved the largest single order worth Rs 120 crore from Brazil to supply female condoms. This was the company's first entry into the expanding Brazil market. With sales to eight new countries during FY20 through United Nations Population Fund (UNFPA), the company has sold its products to over 80 countries worldwide.

Headquartered in Nashik (India), Cupid Ltd is a leading manufacturer of quality male and female condoms. The company has one of the largest manufacturing facilities with in-house research and development centre. The company has the capacity to produce up to 485 million pieces of male condoms and up to 25 million pieces of female condoms.

Cheering the news, the stock of Cupid Limited jumped by seven per cent in the early trade and made an intraday high of Rs 266 on BSE.