AI assistant
Morepen Laboratories Ltd. — Earnings Release 2024
Feb 1, 2024
59389_rns_2024-02-01_62845102-b017-4e54-97e8-49c0c06660b7.pdf
Earnings Release
Open in viewerOpens in your device viewer
==> picture [92 x 841] intentionally omitted <==
==> picture [48 x 74] intentionally omitted <==
==> picture [159 x 38] intentionally omitted <==
Date: 01.02.2024
National Stock Exchange of India Ltd. Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai- 400 051 Symbol: MOREPENLAB
BSE Limited
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 Scrip Code: 500288
Subject: Press Release – Morepen Laboratories Limited' Q3 FY24 EBITDA Surges by 151%, Net Profit Records a Remarkable 256% Growth.
Dear Sir/ Madam,
Please find enclosed press release with the title ‘Morepen Laboratories Limited' Q3 FY24 EBITDA Surges by 151%, Net Profit Records a Remarkable 256% Growth’.
This is for your information and dissemination on your website.
Thanking you,
Yours faithfully,
For Morepen Laboratories Limited
Vipul Digitally signed by Vipul Kumar Kumar Srivastava Srivastava Date: 2024.02.01 17:53:43 +05'30' Vipul Kumar Srivastava Company Secretary F-12148
Encl. a/a.
Morepen Laboratories Limited
CIN NO. L24231 HP1984PLC006028
Corp. Off.: 2nd Floor, Tower C, DLF Cyber Park, Udyog Vihar-III, Sector-20, Gurugram, Haryana-122016, INDIA TEL.: +91 124 4892000, E-mail: [email protected], Website: www.morepen.com
Regd. Off.: Morepen Village, Malkumajra, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205, INDIA Tel.: +91 1795 266401-03, 244590, Fax: +91 1795 244591, E-mail: [email protected]
==> picture [143 x 48] intentionally omitted <==
Morepen Laboratories Limited ' Q3 FY24 EBITDA Surges by 151%, Net Profit Records a Remarkable 256% Growth.
Mumbai 1[st] February 2024 – Morepen Laboratories Limited (NSE: MOREPENLAB, BSE: 500288) , is engaged in the business of manufacturing, producing, developing and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations and also the Home Health products. The Company reported its unaudited Q3 FY24 financial results.
Key Financial Highlights (Consolidated):
Q3 FY24
| Particulars(₹ Cr) | Q3 FY24 | Q3 FY23 | **YoY Change ** |
|---|---|---|---|
| Total Income | 448.62 | 349.69 | 28% |
| EBITDA | 54.64 | 21.74 | 151% |
| EBITDA(%) | 12.18% | 6.22% | 596 BPS |
| Net Profit | 31.99 | 8.99 | 256% |
| NPM(%) | 7.13% | 2.57% | 456 BPS |
| EPS(Rs) | 0.63 | 0.18 | 255.72% |
9M FY24
| Particulars(₹ Cr) | 9M FY24 | 9M FY23 | **YoY Change ** |
|---|---|---|---|
| Total Income | 1,277.09 | 1,056.86 | 21% |
| EBITDA | 119.97 | 66.99 | 79% |
| EBITDA(%) | 9.39% | 6.34% | 306 BPS |
| Net Profit | 67.88 | 30.43 | 123% |
| NPM(%) | 5.32% | 2.88% | 244 BPS |
| EPS(Rs) | 1.33 | 0.60 | 121.67% |
Q3 & 9M FY24 Performance Insights
Segments Wise Performance
| Particulars(₹ Cr) | Q3 FY24 | Q3 FY23 | Raised |
|---|---|---|---|
| API | 253.21 | 211.46 | ^20% |
| Devices | 106.11 | 85.57 | ^24% |
| Formulation | 65.15 | 46.41 | ^40% |
| DR.MOREPEN -OTC | 21.29 | 21.99 | -3% |
Geographical Revenue Breakup
| Particulars(₹ Cr) | Q3 FY24 | 9M FY24 |
|---|---|---|
| Domestic Revenue | 271 | 829 |
| International Revenue | 178 | 448 |
Commenting on the performance, Mr. Sushil Suri – Joint Managing Director of Morepen Laboratories Limited said, "In the backdrop of a steadily growing pharmaceutical market, our products are experiencing robust demand. Through a dedicated focus on cost control measures, we have achieved an impressive 151% increase
in EBITDA and a remarkable 256% rise in net profit. As we maintain a resilient presence both in the Indian and international markets, we are optimistic about future growth opportunities.
Our success is rooted in continuous product development initiatives and a deliberate expansion strategy in international markets. Noteworthy accomplishments include advancements in intellectual property, the successful development of new APIs, and strategic capacity expansions. These initiatives reflect our unwavering commitment to innovation and growth, solidifying Morepen Laboratories as a key player in the dynamic pharmaceutical industry."
About Morepen Laboratories Limited:
Morepen Laboratories Limited is a pharmaceutical company. The Company is engaged in the business of manufacturing, producing, developing, and marketing a range of active pharmaceutical ingredients (APIs), branded and generic formulations and also the home health products. Its APIs include Apixaban, Edoxaban, Sitagliptin, Linagliptin, Empagliflozin, Atorvastatin, Loratadine, Desloratadine, Montelukast Sodium, Atorvastatin Calcium, Fexofenadine, Sitagliptin Phosphate, Vildagliptin and Rivaroxaban, among others. Its finished formulations include Intebact Capsules, Intelicaps Lax, Rythmix Kid Drop, Rythmix Kid Syrup, Kompact Powder, Saltum Acifix 3X, Krimega and Krileed Suspension among others.
A noteworthy aspect of Morepen Laboratories Limited is its substantial global footprint, exporting products to over 80 countries. The company has received certifications from major regulatory authorities such as USFDA, WHO GMP, and EU GMP. The domestic market, under the trusted brand name Dr. Morepen, offers a wide array of healthcare, grooming, and over-the-counter (OTC) products, garnering the trust of more than 10 million consumers. Moreover, the company has achieved a significant milestone with 44 patents granted to date. Notably, the growth trajectory for the FEXOFENADINE product has seen a major upswing, particularly in the US market, following the initiation of supplies for regulatory customers post the USFDA approval.
In addition to its existing portfolio, Morepen Laboratories Limited has expanded its horizons with the development of new APIs. These include BILASTINE, an anti-histaminic; IMEGLIMIN, an anti-diabetic; TAPENTADOL, an opioid analgesic; and TICAGRELOR, an antiplatelet agent. These innovative additions underscore the company's commitment to advancing pharmaceutical solutions and meeting the evolving needs of the global healthcare landscape. With a solid foundation built on quality, innovation, and global reach, Morepen continues to play a pivotal role in shaping the future of the pharmaceutical industry
For FY23, the Company has reported Total Revenues of ₹ 1,424 Crore, EBITDA of ₹ 86 Crore & Net Profit of ₹ 37 Crore.
Disclaimer:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
For Further Information Please Contact Corporate Communication Advisor:
==> picture [69 x 44] intentionally omitted <==
Sunil Mudgal – Director Kirin Advisors Private Limited [email protected] M – 9869275849