Q4FY19: Morepen Labs profit jumps 125 per cent
Morepen Labs reported a steep 125 per cent rise in its net profit at Rs. 9.22 crore from Rs. 4.11 crore in YoY and a 31 per cent rise in its total revenue at Rs. 207.1 crore in the quarter ended March 2019 as against Rs. 158.34 crore.
The company’s API sales grew by 34 per cent at Rs. 125.48 crore. The company’s home diagnostics sales increased by 12 per cent at Rs. 27.77 per cent and formulation sales revenue recorded a 30 per cent increase at Rs. 49.35 crore. The company’s bulk drug (API) segment contributed around 58 per cent to the company’s total turnover. Within the API segment, finished APIs have registered a growth of 26 per cent at Rs. 111.03 crore. Intermediates’ contributed 13 per cent at Rs. 4.53 crore whereas New Molecules have added Rs. 9.94 crore to the company’s revenues.
The company’s blood pressure monitors recorded a growth of 61 per cent and nebulisers registered a whopping 406 per cent in their respective sales revenues. The company’s sales from the over-the-counter products declined by 5 per cent in Q4FY19.
The company has managed to clear all its debts and become a debt-free entity is fiscal 2018-19. The company’s management indicated that they would increase focus on R&D and documentation for regulated markets has helped the company to build a strong pipeline of latest anti-diabetic range of APIs focused at both international as well as domestic market.
On Monday, Morepen Labs was trading at Rs. 19.2 per share, up 14.29 per cent on the BSE.