Drug firm Morepen Laboratories on Thursday said its consolidated net profit declined by 55 per cent to Rs 12 crore for the fourth quarter ended March 2022.
The company had reported a net profit of Rs 27 crore in the January-March quarter of 2020-21 fiscal.
Total income increased to Rs 371 crore for the period under review as against Rs 291 crore in the fourth quarter of 2020-21 financial year, Morepen Laboratories said in a regulatory filing.
For the year ended March 31, 2022, the drug firm reported a consolidated net profit of Rs 102 crore as compared to Rs 97 crore in FY 2021.
Total income increased to Rs 1,557 crore during the period under review. It was Rs 1,200 crore in the year-ago period.
"The company has been able to expand its market share and grown in all business segments and expects to increase its profitability parameters in the next few quarters once the supply disruptions are normalised, which have resulted in increased input costs," Morepen Laboratories Chairman and Managing Director Sushil Suri noted.
The company continues to invest in developing new markets and launch new products to reach more and more customers, he added.
He further said: "We have got shareholder's approval for the conversion of bank's preference shares into equity capital, which is underway, while we wait for the regulatory approvals. It will be a big milestone for the company, once the process is completed.
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