Chennai: Morepen Laboratories Ltd has reported a 256 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 of the previous fiscal.
According to a press release, ‘The company’s net sales revenue (standalone) in Q1’FY 2019-20 stood at Rs. 186.70 crore showing a growth of 25.4 per cent vis-a-vis 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.’
The company’s expanding export reach assisted in achieving a higher topline in Q1 FY 2019-20. Overall Export sales registered a growth of 49 per cent in Q1 at Rs. 79.75 crore. Following a recent USFDA approval to its manufacturing 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 Q1’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.
‘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,’ Morepen Laboratories chairman and managing director, Sushil Suri said.