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Morepen Laboratories Ltd. Earnings Release 2020
59389_rns_2020-02-17_ec61752b-b86a-491e-b4e2-3de7be3e3be4.pdf
Earnings Release
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Date: 17/02/2020
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' net profit rises by 21% in Q3 FY 2019- 20 led by a stable performance in all business segments'
Dear Sir,
Please find enclosed the press release on the financial performance of the Company for the Qua1ier and Nine Months ended 3 JS1 December, 2019 with the title- 'Morepen Labs' net pt·ofit rises by 21% in Q3 FY 2019-20 led by a stable performance in all business segments'
Kindly acknowledge the receipt and take it on your record.
Thanking you.
Yours faithfully,
For Morepen Lab01·atories Limited
~~ Kumar Srivastava)
(Vipul Company Secretary
Encl.: As Above
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, 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' net profit rises by 21 °/o in Q3 FY 2019-20 led by a stable performance in all business segments
Highlights of 03 FY 2019-20 (Consolidated)
- The Net Profit after Tax during the period stood at Rs. 10.81 crore, up by 21.3 per cent from Rs. 8.91 crore net profit registered in the corresponding period of FY'20 18- 19.
- Net Sales Revenue recorded a growth of 8.9 per cent at Rs. 226.91 crore in Q3 'FY 2019-20 as compared toRs. 208.46 crore in the corresponding quarter of the previous fiscal.
- EBIDTA was up by 3.3 per cent in Q3' FY 2019-20 at Rs. 19.90 crores (Rs. 19.27 crores) and Cash profit during the same period was up by around 2.8 per cent at Rs. 19.36 crores (Rs. 18.84 crores).
- Net Profit before tax went up by 19.7 per cent in Q3 ' FY 2019-20 at Rs. 10.82 crore (Rs. 9.04 crore). Domestic sales were up by 22.2 percent at Rs. 136.76 crore in Q3 ' FY20 19-20 as compared to Rs. 111 .90 crore in the corresponding quarter of the previous fiscal.
- Overall API sales were up by 9.8 percent at Rs. 131.96 crores in Q3 FY 2019-20, constituting 58 per cent of the total turnover. API sales in the domestic market registet·ed an impressive growth of 76 percent at Rs. 42.56 crore.
- Domestic sales in Q3 'FY 2019-20 for Atorvastatin Calcium rose by 146 percent and Montelukast by 70 percent vis-a-vis the corresponding quarter of the previous fiscal.
- In Export marl{et, Rosuvastatin registered growth of 171 per cent and Loratadine of 25 percent in Q3 'FY 2019-20 vis-a-vis Q3 of the previous fiscal.
- Nebulisers sales jump up by 89 percent in Q3 'FY 2019-20 as compared to Q3 of previous fiscal.
- The company has sold around 110 million Blood Glucose testing stl'ips in first nine months of FY 2019-20 registering a growth of24 percent as against the corresponding period of the previous fiscal and has achieved a milestone of 400 million glucose testing strips till date. r;,~
Morepen Laboratories Limited J•
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 GIN 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]
- Branded Formulations' sales have recorded a good growth of 35 percent in Q3 FY'2019-20 vis-a-vis Q3 ofthe previous fiscal.
- Over the Counter (OTC) business has recorded growth of 22% in its sales revenue during the Q3 'FY 2019-20, however, Isabgol and other small base brands grew by 50 per cent and 61 per cent respectively in the same period. This Business has been strengthened further with many new products in the nutritional and preventive healthcare segments.
- Internal accruals stream continued to get stronger, be it on operating profit front or cash profit front.
New Delhi, Feb.-nary 14, 2020: Morepen Laboratories Ltd. has repotied a 21.3 per cent rise in its Net Pt·ofit after Tax (Consolidated) in Q3 FY2019-20 at Rs. 10.81 crore as compared to Rs. 8.91 crore net profit registered in the corresponding quarter of the previous fiscal. Net sales Revenue (Consolidated) during Q3 FY 2019-20 stood at Rs. 226.91 crore, registering a growth of 8.9 per cent as comp~red to the Net Sales Revenue of Rs. 208.46 crore in the corresponding quatier of the previous fiscal.
Total Revenue (Consolidated) in Q3 FY2019-20 rose toRs. 234.65 crore (Rs. 214.59 crore) registering a jump of 9.4 per cent. EBIDTA was up by 3.3 per cent in Q3' FY 2019-20 at Rs. 19.90 crores (Rs. 19.27 crores) and Cash profit during the same period was up by around 2.8 per cent at Rs. 19.36 crores (Rs. 18.84 crores). The Net Profit Before Tax (Consolidated) posted a growth of 19.7 per cent in Q3 FY2019-20 at Rs. 10.82 crore compared toRs. 9.04 crore in Q3 of previous fiscal.
The bulk drugs (API) segment contributed around 58 per cent to the company's total turnover in Q3 FY 2019-20. The company's expanding domestic reach assisted in achieving a higher topline in Q3 FY2019-20. API sales in the domestic mat·l<et registered a growth of76 per cent at Rs. 42.56 crore in Q3 FY20 19-20. Domestic sales for Atorvastatin Calcium rose by 146 percent at Rs. 3.38 crore and Montelul<ast by 70 percent at Rs. 16.78 crore in Q3 FY20 19-20 vis-a-vis the corresponding quarter of the previous fiscal. API's Expot·t sales registered a decline of 7 per cent at Rs. 89.39 crore in Q3 FY20 19-20. Export sales for Rosuvastatin rose by 171 percent at Rs. 10.83 crore and Loratadine by 25 percent at Rs. 39.24 crore in Q3 FY2019-20 vis-a-vis the corresponding quarter ofthe previous fiscal.
This was disclosed by Mr. Sushi! Suri, Chairman and Managing Direct01·, Morepen Laboratol'ies Ltd., after the financial results board meeting for Q3 and nine months ended December 31st, 2019 here on Friday. "Our investment in the manufacturing of med ical devices in India has already started showing results. Company is all geared up for increasing its focus on backward integration and capacity enhancement in order to reduce its dependency on imports from across the globe, patiicularly China, in the coming years," Mr. Sul'i said.
Synopsis of Nine months (9M) and Third Quarter (Q3) FY 2019- 20-Performance (Consolidated): c/ .
Morepen Laboratories Limited y
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, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91-1795-244591 , E-mail: [email protected]
| Rs. in Crores | ||||||
|---|---|---|---|---|---|---|
| Q3 | 9M | |||||
| Particulars | FY | FY | % | FY | FY | % |
| 2018-19 | 2019-20 | Growth | 2018-19 | 2019-20 | Growth | |
| Net Sales Revenue | 208.46 | 226.91 | 8.9% | 541.59 | 637.26 | 17.7% |
| Total Revenue | 214.59 | 234.65 | 9.4% | 552.47 | 654.15 | 18.4% |
| Expenditure | 195 .32 | 214.75 | 9.9% | 504.05 | 596.77 | 18.4% |
| EBIDTA | 19.27 | 19.90 | 3.3% | 48.41 | 57.38 | 18.5% |
| Interest | 0.43 | 0.54 | 27% | 1.18 | 1.36 | 15.1% |
| Cash Surplus | 18.84 | 19.36 | 2.8% | 47.23 | 56.02 | 18.6% |
| Net Profit before tax |
9.04 | 10.82 | 19.7% | 18.47 | 27.74 | 50.2% |
| Net Profit after tax | 8.91 | 10.81 | 21.3% | 18.35 | 22.55 | 22.9% |
The Branded formulations registered a good growth of 35 percent in Q3 FY 2019-20 at Rs. 11.53 crore vis-a-vis the corresponding quarter of the previous fiscal. Sale of Gastro category increased by 66 percent and Antibiotics by 18 percent in Q3 'FY20 19-20 vis-a-vis the corresponding quarter of the previous fiscal. The Branded generics maintained almost the same pace at Rs. 23.99 crore in Q3'FY2019-20 vis-a-vis the corresponding quarter of the previous fiscal
The growth in overall Home Diagnostic Segment remained consistent at Rs. 42.87 crore in Q3 'FY20 19-20 vis-a-vis the corresponding quarter of the previous fiscal. Nebulisers and other range products recorded highest growth in the quarter@ 89 percent and 28 percent respectively.
The OTC business grew by 22 per cent in Q3 FY 2019-20 at Rs. 17.65 crore vis-a-vis the corresponding qua1ier of the previous fiscal. Isabgol and other new small brands grew by 50 per cent and 61 per cent, respectively. OTC Business witnessed launch of many new products to its Health basket including Active Smile, Dr. Morepen Daily, MTP Kit, V calci tablet, V calci D3 shot, Clean & Pure, Liv Healthy, Head-X, Dr. Morepen Aid, Dr. Morepen Buds, COLD-EX, Paachan-Arishta, Adult Nasal Spray, Burnol antiseptic cream, Burnol antiseptic solution, Burnol plus, Quickchek advance midstream test, Pain-X spas, Pain-X combi suspension, Pain-X max gel, Pain-X 01iho oil, Exygra spray, Quit & Out and Nourish skin cream in various new product categories. New products are expected to add significantly to the company's topline in the coming qua1iers.
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: corporate@morepen .com,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]
In the nine months ended December 3 1, 20 19, Morepen Laboratories. has reported a net sales revenue (consolidated) ofRs. 637.26 crore, registering a growth of 17.7 per cent vis-a-vis net sales revenue of Rs. 541.59 crore in the corresponding quarter of the previous fiscal. The company's EBIDTA in 9M' FY 2019-20 increased by 18.5 per cent at Rs. 57.38 crore and cash profit increased by 18.6 per cent at Rs. 56.02 crore as against Rs. 48.41 crore and Rs. 47.23 crore, respectively, in the corresponding nine-month period of the previous fiscal.
The Net Profit Before Tax (consolidated) for 9M FY 2019-20 stood at Rs. 27.74 crore, registering a rise of 50.2 per cent. The Net profit after tax (PAT) increased by 22.9 per cent at Rs. 22.55 crore compared to Rs. 18.35 Crore in the corresponding period of the previous fiscal. This is despite a one-time hit ofRs. 5.15 c1·ore tal<en by the company by writing off MAT credit entitlement in line with the new Taxation Laws (Amendment) Ordinance 2019 in Q2 FY 2019-20.
API sales in domestic mal'l<et registered a growth of 3 5 per cent at Rs. 99.3 7 crore and 22 percent in expoti market atRs. 261.38 crores sales in the nine months ended December 31st, 2019. The overall Home Diagnostic Segment recorded total sales of Rs. 128.42 crore in the nine months ended December 31st, 2019, registering a rise of 15 per cent vis-a-vis corresponding period ofthe previous fiscal. Morepen Labs' branded formulations business have recorded a growth of 21% in the nine months ended December 31st, 2019 by achieving a sales revenue of Rs. 32.73 crore compared to the same period previous fiscal. Branded Generics have reported a decline of 6 percent. OTC Business has recorded growth of 15% in its sales revenue in the nine months ended December 31st, 2019.
About Morepen Laboratories Ltd. (www.morepen.com )
Morepen Laboratories Ltd. is a 35-year-old, around Rs. 800 Cr. pharmaceutical and healthcare products company. The company went public in the year I 993 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 APis/ Bulk Drugs, Home Diagnostics, Formulations and OTC products. The company's state-of-the-ati 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 facility at Baddi has EU GMP & WHO GMP Standards and manufactures latest and much in demand APis like Atorvastatin, Rosuvastatin, Fexofenadine and others for regulated markets of Europe, USA and also for non-regulated markets across the globe.
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, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91-1795-244591, E-mail: [email protected]
Morepen markets over 100 branded fo rmulations 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 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]
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, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel.: +91-1795-266401 -03, 244590, Fax: +91-1795-244591 , E-mail: [email protected]