• Annual production capacity will increase by 770 million male condoms and 75 million female condoms.

• Cupid Limited is set to expand its global footprint by forging new partnerships with international players.

MUMBAI, 5th DECEMBER, 2023 (GPN) – 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’. This expansion is expected to add Rs.240 crores  to our revenues and Rs. 70 crores to our EBITDA.”

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.

About Cupid Limited:

Established in 1993, CUPID Limited is India’s premier manufacturer of male and female condoms, water-based lubricant jelly, and IVD kits. The company boasts a production capacity of up to 480 million male condoms, 52 million female condoms, and 210 million sachets of lubricant jelly annually. The company has a prominent presence in both the international and domestic markets and holds the distinction of being the first company in the world to attain WHO/UNFPA pre-qualification for male and female condoms. CUPID currently exports its products to over 105 countries, with over 90% of its revenue generated from international markets. Furthermore, CUPID has established a long-term agreement with WHO/UNFPA. The company recently got acquired by Columbia Petro Chem Private Limited and Mr. Aditya Kumar Halwasiya of the Universal- Halwasiya Group and Family for ₹ 159.06 crore. In FY23, The Company has reported Total Revenue of ₹164.10 crore, EBITDA of ₹ 46.08 crore and Profit After Tax of ₹ 31.58 crore. The company is listed on BSE (BSE: 530843) and NSE (NSE: CUPID).