Morepen Laboratories Ltd. has reported a 21.3 per cent rise in its net profit after tax (Consolidated) in Q3' FY 2019-20 at Rs 10.81 crore as compared to Rs. 8.91 crore net profit registered in the corresponding quarter of the previous fiscal.
Net sales revenue (Consolidated) during Q3' FY 2019-20 stood at Rs 226.91 crore, registering a growth of 8.9 per cent as compared to the net sales revenue of Rs 208.46 crore in the corresponding quarter of the previous fiscal.
Total revenue (Consolidated) in Q3' FY 2019-20 rose to Rs 234.65 crore (Rs 214.59 crore), registering a jump of 9.4 per cent. EBIDTA was up by 3.3 per cent in Q3' FY 2019-20 at Rs 19.90 crores (Rs 19.27 crores) and Cash profit during the same period was up by around 2.8 per cent at Rs 19.36 crores (Rs. 18.84 crores). The net profit before tax (Consolidated) posted a growth of 19.7 percent in Q3' FY 2019-20 at Rs 10.82 crore compared to Rs 9.04 crore in Q3 of previous fiscal.
The bulk drugs (API) segment contributed around 58 per cent to the company's total turnover in Q3' FY 2019-20. The company's expanding domestic reach assisted in achieving a higher topline in Q3' FY 2019-20. API sales in the domestic market registered a growth of 76 per cent at Rs 42.56 crore in Q3FY2019-20. Domestic sales for Atorvastatin Calcium rose by 146 percent at Rs 3.38 crore and Montelukast by 70 percent at Rs 16.78 crore in Q3' FY 2019-20 vis-a-vis the corresponding quarter of the previous fiscal.
API's Export sales registered a decline of 7 per cent at Rs 89.39 crore in Q3' FY 2019-20. Export sales for Rosuvastatin rose by 171 percent at Rs 10.83 crore and Loratadine by 25 percent at Rs 39.24 crore in Q3' FY 2019-20 vis-a-vis the corresponding quarter of the previous fiscal.
This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the financial results board meeting for Q3 and nine months ended December 31, 2019 here on Friday.
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"Our investment in the manufacturing of medical devices in India has already started showing results. Company is all geared up for increasing its focus on backward integration and capacity enhancement in order to reduce its dependency on imports from across the globe, particularly China, in the coming years," said Suri.
Synopsis of nine months (9M) and third quarter (Q3) FY 2019- 20-Performance (Consolidated)
Rs in Crores
The branded formulations registered a good growth of 35 percent in Q3' FY 2019-20 at Rs 11.53 crore vis-a-vis the corresponding quarter of the previous fiscal. Sale of Gastro category increased by 66 percent and antibiotics by 18 percent in Q3' FY 2019-20 vis-a-vis the corresponding quarter of the previous fiscal. The Branded generics maintained almost the same pace at Rs 23.99 crore in Q3' FY 2019-20 vis-a-vis the corresponding quarter of the previous fiscal.
The growth in overall Home Diagnostic Segment remained consistent at Rs 42.87 crore in Q3' FY 2019-20 vis-a-vis the corresponding quarter of the previous fiscal. Nebulisers and other range products recorded highest growth in the quarter at 89 percent and 28 percent respectively.
The OTC business grew by 22 per cent in Q3' FY 2019-20 at Rs 17.65 crore vis-a-vis the corresponding quarter of the previous fiscal. Isabgol and other new small brands grew by 50 per cent and 61 per cent, respectively.
OTC Business witnessed launch of many new products to its health basket including Active Smile, Dr Morepen Daily, MTP Kit, Vcalci tablet, Vcalci D3 shot, Clean & Pure, Liv Healthy, Head-X, Dr Morepen Aid, Dr Morepen Buds, COLD-EX, Paachan-Arishta, Adult Nasal Spray, Burnol antiseptic cream, Burnol antiseptic solution, Burnol plus, Quickchek advance midstream test, Pain-X spas, Pain-X combi suspension, Pain-X max gel, Pain-X ortho oil, Exygra spray, Quit & Out and Nourish skin cream in various new product categories. New products are expected to add significantly to the company's topline in the coming quarters.
In the nine months ended December 31, 2019, Morepen Laboratories. has reported a net sales revenue (consolidated) of Rs 637.26 crore, registering a growth of 17.7 per cent vis-a-vis net sales revenue of Rs 541.59 crore in the corresponding quarter of the previous fiscal.
The company's EBIDTA in 9M' FY 2019-20 increased by 18.5 per cent at Rs 57.38 crore and cash profit increased by 18.6 per cent at Rs 56.02 crore as against Rs 48.41 crore and Rs 47.23 crore, respectively, in the corresponding nine-month period of the previous fiscal.
The net profit before tax (consolidated) for 9M FY 2019-20 stood at Rs 27.74 crore, registering a rise of 50.2 per cent. The net profit after tax (PAT) increased by 22.9 per cent at Rs 22.55 crore compared to Rs. 18.35 Crore in the corresponding period of the previous fiscal.
This is despite a one-time hit of Rs 5.15 crore taken by the company by writing off MAT credit entitlement in line with the new Taxation Laws (Amendment) Ordinance 2019 in Q2 FY 2019-20.
API sales in domestic market registered a growth of 35 per cent at Rs 99.37 crore and 22 percent in export market at Rs 261.38 crores sales in the nine months ended December 31st, 2019. The overall Home Diagnostic Segment recorded total sales of Rs 128.42 crore in the nine months ended December 31, 2019, registering a rise of 15 per cent vis-a-vis corresponding period of the previous fiscal.
Morepen Labs' branded formulations business have recorded a growth of 21per cent in the nine months ended December 31, 2019 by achieving a sales revenue of Rs 32.73 crore compared to the same period previous fiscal.
Branded Generics have reported a decline of six percent. OTC Business has recorded growth of 15 per cent in its sales revenue in the nine months ended December 31st, 2019.
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