Morepen Laboratories hit an upper circuit limit of 20% at Rs 20.15 at 15:10 IST on BSE after net profit rose 124.3% to Rs 9.22 crore on 30.2% increase in net sales to Rs 206.07 crore in Q4 March 2019 over Q4 March 2018.
The result was announced on Saturday, 4 May 2019.Meanwhile, the S&P BSE Sensex was down 350.84 points, or 0.90% to 38,612.42.
On the BSE, 10.67 lakh shares were traded in the counter so far compared with average daily volumes of 41,000 shares in the past two weeks. The stock had hit a high of Rs 20.15 and a low of Rs 17.65 so far during the day. The stock hit a 52-week high of Rs 37.10 on 30 July 2018. The stock hit a 52-week low of Rs 14.70 on 21 February 2019.
On a consolidated basis, Morepen Laboratories' net profit rose 54.04% to Rs 10.49 crore on 27.56% increase in net sales to Rs 218.72 crore in Q4 March 2019 over Q4 March 2018.
Export sales revenue jumped by 51% at Rs 96.41 crore and domestic sales revenue rose by 13% at Rs 118.84 crore.
API sales revenue grew by 34% at Rs 125.48 crore, home diagnostics sales revenue grew by 12% at Rs. 27.77 crore and formulation sales revenue grew by 30% at Rs. 49.35 crore.
The company said it had peak outstanding debt of Rs 750 crore with multiple banks in FY'2005 which was restructured through CDR Scheme of RBI in 2006 with an upfront payment of OTS amount of Rs 150 crore. All the Loans have been fully serviced from internal cash accruals and there is no outstanding loan dues as on 31 March 2019. The company has cleared all its outstanding debt in the books to become a debt free entity in fiscal 2018-19, the company said.
Morepen Laboratories is a pharmaceutical and healthcare products company.
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