Pharmaceuticals company Morepen Laboratories announced Q4FY24 & FY24 results: Q4FY24 Revenue: Gross revenue of Rs 427 crore, 16.5% increase from Rs 367 crore in Q4’FY23. Annual FY24 Revenue: Rs 1,704 crore, a notable 20% rise compared to Rs 1,424 crore in FY23. EBITDA: EBITDA for Q4FY24 surged by 182% to Rs 52.62 crore from Rs 18.68 crore in the same quarter last year. For the full fiscal year, EBITDA more than doubled, achieving Rs 172.60 crore, up 101% from Rs 85.67 crore in FY23. Profit Before Tax (PBT): PBT for Q4FY24 was Rs 42.20 crore, a substantial increase of 279% from Rs 11.14 crore in Q4FY23. Annually, PBT grew by 143% to Rs 135.42 crore from Rs 55.76 crore in FY23. Profit After Tax (PAT): The PAT for Q4FY24 stood at Rs 28.74 crore, showing a 249% growth compared to Rs 8.24 crore in the same period last year. On an annual basis, PAT increased by 150% to Rs 96.62 crore from Rs 38.68 crore in FY23. Earnings Per Share (EPS): Jumped from Rs 0.77 to Rs 1.88 for FY24, indicating a great start to the journey ahead. Sushil Suri, Chairman and Managing Director of Morepen Laboratories, commented on the results, stating, "We are excited with the robust performance across all segments. Our strategic investments in the medical devices and API businesses have yielded excellent results, and we are confident of sustaining this momentum. The future looks promising as we continue to increase capacities and expand our market reach." Result PDF
Pharmaceuticals company Morepen Laboratories announced Q4FY23 results: Company has got three landmark recognitions in last three months including one USFDA approval, one PMDA inspection and one ISO13485 Approval During the current Quarter Q4FY23, the business has stabilised and the consolidated revenues at Rs 367 crore against Rs 372 crore in the same quarter last year. Annual revenues of Rs 1,424 crore have also paced a CAGR of 18% though in the current year revenues of all segments maintained a steady position except Medical Devices. Medical devices business which peaked during covid due to increased demand and inventory buildup has also stabilized in last quarters and is on upward journey. In FY23 the gross revenues at Rs 327 crore were 22% lower than peek of Rs 418 crore in FY22 Formulation Business has catching fast and has registered a jump of 28% in this Quarter. Enhanced focus on marketing and advertising activities for better reach and brand recall, has affected the profitability levels. Result PDF
Pharmaceuticals firm Morepen Laboratories Announced Q1FY23 Result : The company had long standing liability of 114.65 cr. as outstanding preference capital issued to the Banks/FI's in the 2003/2004. During the quarter the company has converted the outstanding preference capital in to 2.13 cr. Equity Shares of the Company This was the last leg of CDR and the company now has no payment obligations to Banks/FI's and is a Debt Free Company Business is consolidating after Covid pandemic disturbance and expected to stabilise over next 2-3 quarters. Against peak Covid quarterly revenue of Q1'FY22, the revenues for the current quarter, Q1'FY23, is down by 22% Current quarterly revenue of Rs. 303 Cr., is up 50% from preCovid revenues of Q1'FY20 of Rs. 203 Cr. On a long term basis (ignoring the Covid peaks) business has grown consistently at CAGR of 14% from Q1'FY20-Q1FY23 Muted demand, lower price recovery, higher input costs has impacted the profit margins for last two quarters and the recent Rupee depreciation is adding additional burden on the costs. High inventory levels maintained for some Covid products are expected to be realised slowly in coming quarters. Result PDF
Pharmaceuticals company Morepen Laboratories declares Q4FY22 result: Morepen Labs Annual FY22 Revenue up by 30% with Profit before Tax (PBT) growth of 29% API Export registered a growth of 17%. Annual revenues for FY22 at Rs. 1557.13 crores is up by 30 percent while EBITDA for FY22 at Rs. 146.98 cr. up 13%. Annual FY22 profit before tax (PBT) is up by 29 percent at Rs. 126.70 crore and profit after tax (PAT) at Rs. 101.68 cr. up by 5 percent. Quarterly Revenue (Q4’FY22) grows up to Rs. 371.46 cr. up 28 percent on quarterly basis with a EBIDTA of Rs.21.85 cr. and PBT of Rs.14.18 cr. and PAT of Rs.12.32 cr. Revenue growth for the current year was led by Devices Business, which grew by 46 percent followed by API business which grew by 25 percent. Got USFDA approval of the anti-allergy product Fexofenadine last quarter, for which shipments have started in USA market this quarter. Annual Export Revenues for FY22 at Rs. 557.48 cr. are up by 17 percent YoY basis Formulation and OTC revenues grew up by 28 percent and 24 percent respectively. Promoters holding increased from 34.54 percent to 38.38 percent post conversion of 2.80 crore Warrants out of 7.00 crores warrants allotted last year Got shareholders approval for conversion of Optionally Convertible Preference Shares (OCPS) of Rs. 114.65 crores issued the Banks to Equity shares; regulatory approvals awaited. Mr. Sushil Suri, Chairman and Managing Director stated, “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 normalized, which have resulted in increased input costs. The company continues to invest in developing new markets and launch new products to reach to more and more customers”. Mr. Suri further added, “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” Result PDF