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Morepen Lab gains after Q1 PAT rises 57% YoY

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Morepen Laboratories advanced 3.75% to Rs 69.20 after the company reported 57% in consolidated net profit to Rs 30.47 crore on a 50% rise in net revenue to Rs 388.31 crore in Q1 FY22 over Q1 FY21.

As compared to Q4 FY21, the company's net profit and net revenue have increased by 13.9% and 33.6%, respectively.

Domestic business of the company recorded a growth of 95% in its Q1 FY22 revenues at Rs 275.84 crore, on the strength of huge growth contributed by domestic revenues of diagnostics devices and API business of the company.

API business registered a revenue growth of 17% in the Q1 FY'22, owing to an increase in sales revenue of Loratadine and Montelukast. Point of Care (POC) medical devices business registered growth of 189% during the period under review as compared to last year same quarter.

Finished dosage business has also shown a very significant recovery as compared to same quarter last year and grew at Rs 39.90 crore, registering a revenue growth of 30%.

EBIDTA improved by 63% to Rs 45.43 crore in Q1 FY22 from Rs 27.90 crore in Q1 FY21.

Profit before tax in Q1 FY22 stood at Rs 38.53 crore, up by 97% from Rs 19.55 crore in Q1 FY21.

Provision for taxes has increased by 42.42 times to Rs 8.06 crore during the first quarter as compared with the same period last year.

Earlier this month, The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) and Morepen Laboratories announced the production of the test batch of the Russian Sputnik V coronavirus vaccine in an exclusive facility in state of Himachal Pradesh (HP).

The first six batches are being shipped to the Gamaleya Center, Moscow for the quality approval. The company is all set to start the commercial production within 4-6 weeks, subject to product approvals and regulatory permissions.

Sushil Suri, managing director and chairman stated, Our partnership with RDIF to manufacture Sputnik vaccine in India is a big milestone for the company. We have a capacity to manufacture up to 250 million dose per annum that can be ramped up to 500 million doses per annum.

Morepen Laboratories is a pharmaceutical and healthcare products company. Morepen is a leading manufacturer of high-quality APIs, home diagnostics, formulations and OTC products in north India. All the manufacturing facilities of the company are in the state of Himachal Pradesh and meet the latest international standards.

In the past six months, the stock has zoomed 146.81% while the benchmark Sensex has added 11.20% during the same period.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, July 27 2021. 12:29 IST
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