Mumbai: Condom maker Cupid Ltd on Wednesday said it has signed an agreement to supply 5.9 million pieces of Female Condoms (FC) in Brazil.

The total value of the supplies of female condoms will be US Dollars 2.773 million or nearly Rs 23.07 crores, the company said in a press release.

Production of the first tranche of 2.1 million FC pieces will be undertaken soon and the full order is expected to be fulfilled by Q2 FY25.

"We have hit the ground running and this is a good start to FY25 with lots of incremental orders and growth still ahead of us," said Cupid Ltd Managing Director Aditya Kumar Halwasiya.

"At Cupid Limited we are focused on building a sustainable and scalable business for the future and are taking necessary steps today to achieve this goal," Halwasiya added.

On April 9, Cupid Ltd reported a 189 percent surge in net profit at Rs 23.7 crore in the quarter ended 31 March, 2024. The company has posted a net profit of Rs 8.3 crore in the year-ago period.

Cupid also reported a 52 percent rise in sales for the fourth quarter as against Rs 41.50 crore during the previous quarter ended March 2023.