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Morepen Labs announces Q1 FY20 results

Posted On: 2019-08-13 23:09:01

Morepen Laboratories Ltd. has reported a 256.35 per cent rise in its net profit (standalone) at Rs. 8.41 crore in the first quarter (Q1) of FY 2019-20 as against Rs. 2.36 crore net profit registered in the corresponding quarter ofthe previous fiscaL The company's net sales revenue (standalone) in Q1'FY 2019-20 stood atRs. 186.70 crore showing a growth of25.4 per cent vis-avis net sales revenue of Rs. 148.83 crore in Q1 FY 2018-19. EBIDTA in Q1 FY 2019-20 increased by 67 per cent at Rs. 19.73 crore and cash profit increased by 69.6 per cent at Rs. 19.31 crore.

Thecompany's expanding export reach assisted in achieving a higher topline in Q1 FY 2019-20. Overall Export sales registered a growth of49 per cent in Q1 at Rs. 79.75 crore. Following a recent USFDA approval to its manufactur~ng facilities at Baddi and Masulkhana, the Company began exports of its bulk drug Montelukast Sodium to the US and other regulated markets of the world in Ql 'FY 2019-20. Export sales in Q1 'FY 2019-20 for Montelukast Sodium rose by 210 percent and that of Atorvastatin Calcium by 57 percent vis-a-vis the corresponding quarter of the previous fiscal.

This was disclosed by Mr. Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the Q1 (FY19-20) results board meeting here on Tuesday. "With a focus on new molecules, new patented processes and accreditation of our in-house R&D Centre at Baddi (Himachal Pradesh) from Department of Scientific & Industrial Research, New Delhi, we now look forward towards investing more in our R&D Infrastructure for future growth of the company," Mr. Suri said.

Shares of MOREPEN LABORATORIES LTD. was last trading in BSE at Rs.18 as compared to the previous close of Rs. 18.05. The total number of shares traded during the day was 118392 in over 255 trades.

The stock hit an intraday high of Rs. 18.85 and intraday low of 17.8. The net turnover during the day was Rs. 2162413.

Source: Equity Bulls

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