GUWAHATI, Sept 2: Morepen Laboratories Ltd., a leading API player in regulated markets, has reported a sharp upsurge of 153 per cent in its net profit (consolidated) at INR19.37 crore in the first Quarter (Q1) of FY 2020-21 ending June 30, 2020.
The company’s net profit was INR7.66 crore on a net revenue of INR203.26 crore in the corresponding quarter of the previous fiscal. EBIDTA for Q1’FY2020-21 rose by 42 percent at INR27.90 crore and Cash Profit by 44 per cent at INR27.61 crore. Profit before Tax (PBT) for Q1’FY2020-21 stood at INR19.56 crore, recording an extraordinary growth of 155 per cent from INR7.68 crore PBT earned in the corresponding quarter of the previous fiscal.
API business maintained its lead contributing 64 per cent to the company’s topline in Q1’FY 2020-21. API Sales Revenue during the quarter grew by 44 per cent at INR162.06 crore. Within the API segment, Finished APIs registered a growth of 43 per cent at INR142.88 Crores and API Intermediates’ grew by 91 per cent at INR11.67 Crores. New API Molecules’ added INR7.51 Crores to the company’s top line.
This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the Q1’FY 2020-21 results’ board meeting here on Monday. “API business of the company is doing exceedingly well and is gaining greater traction in the international markets, thanks to the highest standards of quality maintained by the company for the latest innovative products. Encouraged by the unfulfilled demand of existing products and keeping in mind the strong pipeline of APIs under development which are going generic over the next 5-6 years, the company has envisioned a mega expansion plan for existing and new products at its Baddi plant,” he added.
Additional capacities will facilitate production of over 40 new and existing bulk drugs covering various therapeutic categories including anti-diabetic, anti-hypertensives, anti-allergic, anti-asthmatic, cholesterol reducers, anti-viral, anti-coagulants, anti-psychotic and anti-depressants. The expanded capacity is likely to commence commercial production over the next three years. The company proposes to fund the expansion primarily through internal accruals.