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Morepen Laboratories Ltd. Earnings Release 2019
59389_rns_2019-05-06_cff06a7d-f1d8-490a-bf5b-01c8ddb2eea6.pdf
Earnings Release
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Date: 06/05/2019
To,
National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Tel No: (022) 26598100-8114 Fax No: (022) 26598120 Symbol: MOREPENLAB
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Phones: 91-22-22721233/4 Fax: 91-22-2272 3121 Scrip Code: 500288
Subject: Press Release - 'Morepen Labs profit rises by 125% in Q4 FY 2018- 19 led by good growth in all business segments'
Dear Sir,
Please find enclosed the press release on the financial performance of the Company for the Quarter and Year ended 31st March, 2019 with the title - 'Morepen Labs profit rises by 125'Yc, in Q4 FY 2018-19 led by good growth in all business segments'.
Kindly acknowledge the receipt and take it on your record.
Thanking you. Yours faithfully, For Morepen Laboratories Limited
~~oe.htl~J
(Vipul Kumar Srivastava) ~ Company Secretary
Encl.: As Above
Morepen Laboratories Limited
Corp. Off.: 4th Floor,Antriksh Bhawan. 22 K.G.Marg, New Delhi- 11o 001, INDIA Tel. :+91-11-23324443,23712025, E-mail: [email protected],Website:www.morepen.com CIN NO. L24231 HP1984PLC006028
Plant & Regd. Off.: Morepen Village, Malkumajra, Nalagarh Road, Baddi, Distt. Solan (H.P) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91-1795-244591, E-mail: [email protected]
Press Release
Morepen Labs profit rises by 125 percent in Q4 FY 2018-19 led by good growth in all business segments. Company becomes debt free-- pays-off its entire loans
HIGHLIGHTS 04 FY 2018-19
- Total Revenue (Standalone) up by 31 per cent at Rs. 207.10 crore and Consolidated Total Revenue up by 28 per cent at Rs. 219.74 crore registering a good growth in all business segments.
- Standalone Net Profit (PAT) is up by 125 per cent to Rs. 9.22 crore from Rs. 4.11 crore in the corresponding quarter of previous fiscal.
- Standalone Cash profit up by 45 per cent at Rs. 20.17 crore for Q4' FY19.
- Export Sales Revenue up by 51 per cent at Rs. 96.41 crore due to high impetus in API business. In the exp011 market, Monetlukast exports have shown outstanding growth of 114 per cent in Q4.
- Domestic Sales Revenue up by 13 per cent at Rs. 118.84 crore. In the domestic market, best performance came from Loratadine with 102 per cent growth in Q4.
- API Sales Revenue grew by 34 per cent at Rs. 125.48 crore and Home Diagnostics Sales Revenue by 12 per cent at Rs. 27.77 crore.
- Formulation Sales Revenue jumped by 30 per cent at Rs. 49.35 crore
- Company becomes debt free by clearing all its outstanding debts in this quarter.
New Delhi, May 6, 2019: Morepen Laboratories Ltd. has reported a steep 125 per cent rise in its Net Profit (Standalone) at Rs. 9.22 crore and 31 per cent rise in its Total Revenue (Standalone) at Rs. 207.10 crore in fourth quarter (Q4) of Financial year 2018-19. The company's net profit was at Rs. 4.11 crore on a total revenue of Rs. 158.34 crore in the corresponding quarter of previous fiscal.
The Consolidated Total Revenue in Q4 FY 2018-19 went up by 28 per cent at Rs. 219.74 crore. Export Sales Revenue in Q4 FY 2018-19 was up by 51 per cent at Rs. 96.41 crore and Domestic Sales Revenue up by 13 per cent at Rs. 118.84 crore. In the exp011 market, Monetlukast exports have shown outstanding growth of 11 4 per cent and Rosuvastatin exports have recorded growth of 11 0 percent in Q4 FY 2018-19. In the domestic market, best performance came from Loratadine with 102 per cent growth in the quarter.
API Sales Revenue grew by 34 per cent at Rs. 125.48 crore, Home Diagnostics Sales Revenue by 12 per cent at Rs. 27.77 crore and Formulation Sales Revenue by 30 per cent at Rs. 49.35 crore.
Morepen Laboratories Limited v
Corp. Off.: 4th Floor,Antriksh Bhawan, 22 K.G.Marg, New Delhi-110 001, INDIA ~ Tel.:+91-11-23324443,23712025, E-mail: [email protected],Website:www.morepen.corn CIN NO. L24231 HP1984PLC006028
Plant & Regd. Off.: Morepen Village, Malkumajra, Najagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel.. +91-1795-266401-03, 244590, Fax: +91-1795-244591, E-mail: [email protected]
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The Company had peak outstanding debt of Rs. 750.00 crores with multiple banks in FY'OS which was restructured through CDR Scheme of RBI in 2006 with an upfront payment of OTS amount of Rs. 150.00 crores. All the Loans have been fully serviced from internal cash accruals and there is no outstanding loan dues as on 31.03.19. The Company has cleared all its outstanding debt in the books to become a debt free entity in fisca12018-19.
This was disclosed by Mr. Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the Q4 and FY 2018-1 9 results' board meeting here on Saturday. "Having cleared all the outstanding debt of various banks, the Company now enjoys the status of a Debt Free Company and is now poised for next phase of growth and stability." "Our increased focus on R&D and documentation for regulated markets has helped us build a strong pipeline of latest Anti-diabetic range of APis focused at both international as well as domestic market. We remain committed to deploy more resources on our R&D initiatives." Mr. Suri added.
Consolidated Cash Profit in Q4 FY 2018-1 9 was up by 27 per cent at Rs. 2 1.85 crore. Consolidated Profit Before Tax (PBT) recorded extraordinary growth by 58 per cent at Rs. I 0.70 crore, up from Rs. 6.78 crore in the corresponding quarter of previous fiscal. Consolidated Net Profit (PAT) also recorded growth of 54 per cent at Rs. I 0.49 crore during the peri od.
The bulk drugs (API) segment contributed around 58 per cent to the company's total turnover in Q4 'FY18-1 9. Within the API segment, Finished A Pis have registered a growth of 26 per cent at Rs. 111.03 Crores, Intermediates' 13 per cent at Rs. 4.53 Crores whereas New Molecules' have added Rs. 9.94 Crores to the company's top line, thanks to relentless efforts of R&D team.
| Rs in Crores | ||||
|---|---|---|---|---|
| Q4(Standalone) | Consolidated | |||
| Particulars | FY 2018-19 | FY 2017-18 | %Growth | Q4 FY 2018-19 |
| Net Sales Revenue | 202.60 | 156.07 | 30% | 2 15.24 |
| Total Revenue | 207.10 | 158.34 | 31% | 219.74 |
| Expenditure | 186.01 | 143.75 | 29% | 196.97 |
| EBIDTA | 21.09 | 14.59 | 45% | 22.78 |
| Interest | 0.92 | 0.72 | 28% | 0.93 |
| Cash Surplus | 20.17 | 13.87 | 45% | 21.85 |
| Net Profit after Tax (PAT) | 9.22 | 4.11 | 125% | 10.49 |
Svnopsis ofFY 2018- 19-04 Performance:
Morepen Laboratories Limited
Plant & Regd. Off.: Morepen Village, Malkumajra, Nc;J.agarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel. : +91-1795-266401-03, 244590, Fax: +91-1795-2~591, E-mail: [email protected]
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Blood Pressure Monitors recorded a growth of 61 percent and Nebulisers registered a whopping growth of 406 per cent in their respective sales revenue in Q4'FY18-19. Looking at increasing incidence of diabetic cases in India, the Blood Glucose Monitors and Blood Pressure Monitors segment offers great opportunity for growth in the coming years. Total quarterly sales from this business stood at Rs. 27.77 crore in Q4'FY18-19 vis-a-vis Rs. 24.71 crore in corresponding quatter of the previous fiscal. Sales from OTC (Over the Counter) products were down by 5 per cent in Q4'FY18- 19.
In the entire FY 2018-19, Morepen Laboratories Ltd. has reported a Total Revenue (Standalone) of Rs. 720.91 crore registering a jump of 28 per cent. The Net Profit (Standalone) during the year stood at Rs. 28.61 crore, up by 10 per cent from Rs. 26. 12 crore net profit registered in FY' 2017-18. Consolidated Total Revenue have grown by 27 percent at Rs. 772.21 Crore. Consolidated PBT in FY 20 18-19 was lower by 1.4 per cent at Rs. 29. 18 crore and Consolidated net profit was lower by 2.5 per cent at Rs. 28.84 crore compared to that ofFY 2017-18.
During the year, there was increased cost pressure due to extraordinary increase in prices coupled with shortages of various raw materials imported from China. This has materially affected the profitability of the company in last three quarters. However, despite this, there has been a good growth of business in all segments.
About Morepen Laboratories Ltd.
Morepen Laboratories Ltd. is a 35-year old, around Rs. 800 Cr. pharmaceutical and healthcare products company. The company went public in the year 1993 and is currently listed at both the Bombay Stock Exchange as well as the National Stock Exchange.
Morepen is engaged in the manufacturing and sale of APJs/ Bulk Drugs, Home Diagnostics, Formulations and OTC products. The company's state-of-the-art manufacturing facility at Baddi (Himachal Pradesh) comprises a scientifically integrated complex of I 0 plants, each with a specific product profile.
The USFDA approved plant at Masulkhana is for manufacture of Loratadine, an antiallergy drug - internationally known as Claritin. Desloratadine and the new blockbuster drug Montelukast is also manufactured at this FDA approved site. The large and spread out manufacturing faci lity at Baddi has EU GMP & WHO GMP Standards and manufactures latest and much in demand APis like At01vastatin, Rosuvastatin, Fexofenadine and others for regulated markets of Europe, USA and also for non-regulated markets across the globe.
Morepen markets over I 00 branded formulations under six major therapeutic segments in the domestic market. The company's manufacturing facilities are backed by a strong dedicated team of research and development (R&D) professionals who ensure stringent quality standards. In Home - Diagnostics business, Morepen has a formidable presence in Blood Glucose Monitors and Blood Pressure Monitors, in the domestic markets. The company's OTC brands are being promoted under its wholly owned subsidiary Dr. Morepen Limited. Dr. Morepen's famous OTC product line, including
Morepen Laboratories Limited
Tel. Corp. :+91-11 Off.: -23324443,23712025, 4th Floor,Antriksh Bhawan, E-mail 22 [email protected], K.G.Marg, New Delhi- 110 Website:www 001, INDIA morepen.com CIN NO. L24231 HP1984PLC006028
Plant & Regd. Off.: Morepen Village, Malkumajra, Najagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel. +91-1795-266401-03. 244590, Fax: +91-1795-2 591E-mail: [email protected]
i\O~EPEN
Burnol, Lemolate, Sat-lsabgol, Pain-X and others, has a significant presence in the domestic market.
For Further Details, Please contact:
Propel Communications, Email: [email protected] Mb.: 98 10206244
Morepen Laboratories Limited
Corp. Off.: 4th Floor,Antriksh Bhawan, 22 K.G.Marg, New Delhi- 110 001, INDIA Tel. :+91-11-23324443,23712025, E-mail: [email protected], Website:www.morepen.com CIN NO. l24231 HP1984PLC006028
Plant & Regd. Off.: Morepen Village, Malkumajra, Nal arh Road Baddi, Distt. Solan (H.P.) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91 -1795-244\$91 , E-mail. [email protected]