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Morepen Labs net profit up by 24% to Rs.10.37 crore in Q2

Our Bureau, Mumbai
Monday, November 13, 2017, 15:45 Hrs  [IST]

Morepen Laboratories Ltd., a Rs.600 crore pharmaceutical and healthcare products major, has reported a stable set of numbers in the second quarter of fiscal 2017-18. The company has registered a 24 per cent jump in its Q2 net profit at Rs.10.37 crore despite a 3 per cent decline in its net sales revenue at Rs.136.43 crore vis-a-vis corresponding quarter of the previous fiscal.

Morepen's domestic sales were significantly up by 34.4 per cent at Rs.101.91 crore in Q2 FY 2017-18, exports were sluggish at Rs.34.52 crore. EBIDTA in Q2 FY 2017-18 is also marginally up at Rs.19.30 crore. The company did well in controlling its interest and depreciation cost in the quarter. The interest cost in Q2 FY 2017-18 amounted to just Rs.1.29 crore, registering a fall of 38 per cent compared to corresponding quarter of the previous fiscal. The overall depreciation and amortisation expense was also lower by nine per cent at Rs.7.63 crore in the same period.

In the bulk drugs category, Rosuvastatin outshined all other bulk drugs by registering a growth of 64 per cent in Q2 sales vis-a-vis corresponding quarter in the previous fiscal. The overall API business registered a shortfall of 3 per cent in the quarter over Q2 last year, The home diagnostic category did extremely well with an overall growth of 29 per cent in Q2 sales at Rs.28 crore. Within the home diagnostic category, blood glucose monitors sales went up by 41 per cent and that of blood pressure monitors by 93 per cent. The formulations segment registered a growth of seven per cent 18 compared to corresponding quarter in the previous fiscal.

Sushil Suri, chairman and managing director, Morepen Laboratories Ltd. said, “The growth in Rosuvastatin and Fexofenadine business in Q2 FY 2017-18 has helped the API business to make up drop in sales revenues recorded by other products. We are working on consolidation of our product portfolio so as to remain focused on high value APIs and also expand Self Health brand Dr. Morepen which is consistently registering phenomenal growth across all the product segments.”

In the first half (H1) of FY 2017-18, ended September 30, 2017, Morepen Labs has reported a rise of 9 per cent in its net profit at Rs.12.34 crore and a one per cent decline in its net sales at Rs.257 crore. The net profit in H1 FY 2016-17 stood at Rs.11.32 crore on a net sales of Rs.260 crore. Domestic sales in H1 FY 2017-18 grew by around 11 per cent at Rs.157.46 crore, however, the exports turnover was lower at Rs.99.54 crore. EBIDTA in the first half stood at Rs.31 crore, Interest cost at Rs.2.60 crore and Depreciation expense at Rs.16 crore.

The overall bulk drugs sales recorded a growth of one per cent in the H1 FY 2017-18 at Rs.166 crore, but the home diagnostic category’s sales grew by 27 per cent at Rs.50.87 crore. Within the home diagnostic category, sales of blood glucose monitors went up by 37 per cent at Rs.31.84 crore and that of blood pressure monitors by 78 per cent at Rs.11.13 crore.

Last week the company has entered into a tie-up with Vésale Pharma International of Belgium to strengthen its position in the Rs.1,000 crore probiotics market in India.


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