Morepen Labs FY 2018-19 Q1 net profit grows 93%

Chennai: Morepen Laboratories has reported a 93 per cent rise in its consolidated net profit at Rs 2.46 crore and consolidated net sales revenue of Rs 161.81 crore in the first quarter (Q1) of FY 2018-19.

The consolidated net sales revenue grew by 26 per cent from Rs 128.41 crore, backed by improved sales revenue from home diagnostics, formulations and OTC businesses, a release from the firm said.

The company’s consolidated net profit before tax grew up by 108 per cent at Rs 2.65 crore from Rs 1.27 crore in the corresponding quarter of the previous fiscal.

The company’s expanding domestic reach assisted in achieving a higher topline in the quarter, the release stated. Domestic sales registered a growth of 71 per cent at Rs 108.20 crore.

EBIDTA increased by 10.4 per cent at Rs 12.25 crore, Interest Cost fell by 67 per cent at Rs 44 lakh and cash profit increased by 21 per cent at Rs 11.81 crore. With only one lender remaining to be paid, the company aims to become a zero debt company in the second quarter of FY 2018-19.

Disclosing the results, chairman and managing director, Morepen Laboratories Ltd, Sushil Suri, said, “Having serviced its debt obligation successfully, the company now aims to utilise its available resources to invest in R&D infrastructure, capacity enhancement & process improvements to fuel the future growth.”