Morepen Labs net profit up 16 pc at Rs 33 crore in FY20

New Delhi: Morepen Laboratories on Monday reported a 16 per cent rise in its consolidated net profit at Rs 33.6 crore during the financial year ended March while the revenue rose by 11.7 per cent at Rs 862.5 crore.

The company's net profit was Rs 28.8 crore on net revenue of Rs 772.2 crore in the previous fiscal. Earnings before interest, tax, depreciation and amortisation (EBIDTA) for FY20 rose by 9.6 per cent at Rs 78 crore and the cash profit by 10 per cent at Rs 76 crore.

Consolidated profit before tax recorded a growth of 34 per cent at Rs 39.1 crore, up from Rs 29.2 crore in the previous fiscal. Domestic sales revenue in FY20 was up by 11.7 per cent at Rs 496.4 crore and export sales revenue up by 10 per cent at Rs 343.2 crore.

In Q4 FY20, the company's consolidated net revenue was marginally down by 5.2 per cent at Rs 208.4 crore due to Covid-19 lockdown effect in the last two weeks of March. The net profit was up by 5.1 per cent at Rs 11 crore.

Profit before tax recorded growth of 6.2 per cent at Rs 11.4 crore, up from Rs 10.7 crore in the corresponding quarter of previous fiscal.

"Morepen has achieved good growth and smoothly sailed through the difficult business challenges posed by the novel coronavirus disease globally," said Chairman and Managing Director Sushil Suri.

"The impact of Covid-19 and subsequent lockdown in the entire country has been mitigated by the company to a large extent by its timely launch of various new products in the personal hygiene and protection segment," he said in a statement.

Morepen is engaged in the manufacturing and sale of active pharmaceutical ingredients, bulk drugs, home diagnostics, formulations and over-the-counter products.

The company's manufacturing facility at Baddi in Himachal Pradesh comprises a scientifically integrated complex of 10 plants, each with a specific product profile.

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