Morepen Laboratories tumbles after weak Q3 performance

Morepen Laboratories slumped 6.07% to Rs 47.95 after the company reported 10% fall in consolidated net profit to Rs 21.52 crore despite a 29% rise in net income from operations to Rs 396.49 crore in Q3 FY22 over Q3 FY21.

Total expenditure increased by 30% YoY to Rs 372.05 crore during the quarter, due to higher raw material costs (up 23% YoY), higher selling and distribution expenses (up 162% YoY), higher power and fuel charges (up 44% YoY) and higher travelling expenses (up 38% YoY).

Profit before tax in Q3 FY22 stood at Rs 27.13 crore, up by 14% from Rs 23.80 crore reported in Q3 FY21. The company recorded a current tax outgo of Rs 5.61 crore during the period under review.

 

Morepen Laboratories is a pharmaceutical and healthcare products company. It is a leading manufacturer of high-quality APIs, home diagnostics, formulations and OTC products in north India.

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