Pharmaceuticals company Morepen Laboratories declares Q3FY22 result: Morepen Labs Q3 Revenue up by 29% with 14% jump in Profit before Tax (PBT) 43% increase in API Export Net Revenues for Q3 FY’ 22 at Rs. 399.19 crore were up by 29 per cent against Rs. 310.26 crore of revenues recorded in Q3 revenues FY’21. EBITDA and Cash Profit for Q3 FY’22 went up by 7 per cent and 9 per cent at Rs. 34.81 crore and Rs. 34.07 crore, respectively. Profit before Tax for Q3 FY’ 22 is up by 14 per cent at Rs. 27.14 crore. Net Profit After Tax for Q3 FY’ 22 is down by 10 per cent at Rs. 21.52 crore. Revenue growth for the current quarter was led by API Business, which grew by 41 per cent at Rs. 232.95 crore, followed by OTC and Formulation businesses which grew up by 46 percent and 23 percent respectively. Export Revenues for Q3 FY’22 at Rs. 158.26 crore are up by 41 per cent. Domestic Revenues at Rs. 240.93 crore grew up by 22 per cent. Diagnostic Devices business grew up by 7 per cent at Rs. 93.66 crore in Q3 FY’ 22. Sales of Blood Pressure Monitors was up by 39 per cent, whereas Blood Glucose Monitors revenue grew by 16 per cent. Board approves allotment of Equity Capital of Rs.114.65 crore to Banks/FIIs and others by conversion of Preference Capital Mr. Sushil Suri, Chairman and Managing Director stated, “Business is growing exponentially in all the segments and the company needs to put up additional capacities to serve the customers faster and also capture additional market share. We are working to augment the existing capital base to fund the upcoming growth”. Mr. Suri further added, “The conversion of Bank’s Preference shares, outstanding since many years, into Equity capital is a big milestone and we are thankful to all the Banks for granting their approval. This was the last leg of the CDR process and company will have no outstanding liability in terms of unredeemed preference capital.” Result PDF
Highlights: Q2 FY22 Revenue at Rs. 398 crores jump by 17% against Q2’FY21 revenues of Rs. 340 crores Profit Before Tax at Rs. 46.86 crores UP by 70% Net Profit After Tax at Rs. 37.36 crores UP by 38% Earnings per Share (EPS) - Basic for Q2 at Rs. 0.83 UP by 38% Domestic Revenues at Rs. 276.40 crores are UP by 30%. API Business made largest Revenue contribution of Rs. 201 crores to Q2 Revenues. Medical Devices Revenues for Q2 at Rs. 122.59 crores grew by 36% Quarter on Quarter basis Medical Devices Business is being placed in a separate wholly owned subsidiary. EBITDA for Q2 FY22 at Rs. 44.88 crores is up by 26 percent YoY basis whereas Cash Profit (Before Tax) at Rs. 54.00 crores is up by 53 percent in the same period. Profit margin before tax has leaped by 368 bps from 8.09 percent to 11.77 percent in Q2 FY22 as against Q2 FY21 Mr. Sushil Suri, Chairman and Managing Director stated, “With massive increase in API demand globally and more particularly with frequent supply disruptions from China, we are putting our expansion plans for API on fast track. We have planned to treble the API capacity from present 310 KL to 1000KL in the coming 24 months at the same site in Baddi (HP) within the same plant and at the additional land adjoining the site for which all approvals are in place. We are very bullish on this expansion to capture this large spurt in demand APIs globally. The new capacities are also required to serve the new generic market opening up in the next 5-7 years” Result PDF