Wed, Feb 22, 2017 | updated 07:05 AM IST

Morepen Labs strengthens position in bulk drugs market

Updated: Aug 10, 2016 13:09 IST

New Delhi, Aug 10 (ANI-NewsVoir): Morepen Laboratories Ltd. has reported a 60 percent rise in its net profit for the first quarter (Q1) of FY 2016-17. The net profit increased from Rs. 2.50 crore in the Q1 of the previous financial year to Rs. 4.01 crore in Q1 of FY 2016-17.

The company ascribes its fifth consecutive quarterly growth in financial numbers to management's focus on API markets, both domestic and international, besides better efficiency in all business segments.

This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd. after the company's board meeting, which discussed and took on record the financial results of the company for the first quarter of FY 2016-17.

"Having witnessed a remarkable turnaround in the previous fiscal, the company is now all set to achieve newer milestones by launch of new products and greater investments in research and development in the years ahead," he said.

The net sales revenue increased from Rs. 99.28 crore to Rs. 116.72 crore, registering a growth of 18 percent in Q1 FY 2016-17 compared to the corresponding quarter in previous fiscal. The net income from operations rose from Rs. 103.56 crore to Rs. 118.44 crore, registering a growth of 14 per cent during the same period.

EBIDTA in Q1 FY 2016-17 stood at Rs. 14.38 crore, rising by 5.6 percent compared to Rs. 13.62 crore in the corresponding quarter of the previous fiscal.

During the quarter under consideration, exports grew by 15 percent and the net domestic sales by 20 percent. While the exports turnover increased from Rs. 45.88 crore to Rs. 52.81 crore, the net domestic sales went up from Rs. 53.40 crore to Rs. 63.91 crore.

The bulk drugs (API) business continues to be the top contributor to the company's top-line, accounting for over 65 percent in the total turnover for the quarter. Within the API business, the sales of anti-asthmatic bulk drug Montelukast alone registered a growth of 64 percent in Q1 at Rs. 21.36 crore whereas Rosuvastatin, a statin drug, grew up by 111 percent.

The total bulk drugs sales stood at Rs. 75.25 crore in Q1 FY2016-17 compared to Rs. 60.39 crore in the Q1 of FY 2015-16, registering a growth of 25 percent.

The company cemented its leadership position in Home Diagnostic segment by registering a growth of 42 per cent in the sales of Glucometers at Rs. 10.69 crore and 62 per cent in BP Monitors at Rs. 3.08 crore in the Q1 FY 2016-17.

The gross revenue from this business rose by 25 per cent at Rs. 18.25 crore in Q1 FY 2016-17 compared to Rs. 14.63 crore in Q1 FY 2015-16. Looking at increasing incidence of diabetic cases in India, this segment offers great opportunity for growth in the coming years.

The company is targeting to touch a base of one million installations of Glucometers this year and sell three to five million strips every month.

Dr. Morepen's Burnol and Lemolate excelled in the OTC segment by registering a growth of 80 per cent and 57 percent respectively in their first quarterly sales in FY 2016-17. Total sales from OTC products went up by 61 percent at Rs. 11.92 crore in Q1 FY 2016-17 vis-a-vis Rs. 7.40 crore in Q1 FY 2015-16.

Carrying forward its motto of delivering wellness solutions, Dr. Morepen brand has expanded its footprints in the field of delivery of Home Diagnostic Equipments, Over the Counter (OTC) and Grooming products besides the pharmaceutical products.

During the quarter under consideration, the Dr. Morepen brand portfolio has recorded sales revenue of Rs. 50.38 crore against revenue of Rs. 40.32 crore in the corresponding quarter of the previous fiscal, recording a growth of 25 percent. (ANI-NewsVoir)

New Delhi [India], Feb.21 (ANI): Infomark Korea, a company with a global reputation for manufacturing 3G/4G mobile communication devices as well as wearable products is finalising a partnership with BSNL for production of WiMax mobile routers in the Kerala telecom circle.

Full Story >>

New Delhi [India], Feb. 21 (ANI):The Ministry of External Affairs (MEA) has asked all chairs and missions to to promote Ayush and Ayurveda, said Minister of State for External Affairs, General V.K. Singh (Retd), at an ASSOCHAM event held in New Delhi today.

Full Story >>

New Delhi [India], Feb.21 (ANI):Louis Taylor, Chief Executive Officer of UK Export Finance (UKEF), is visiting India from 20-23 February. UKEF, the UK's Export Credit Agency, has up to £1 billion in capacity to provide finance to support Indian buyers of British goods, services and intangibles, with support available in Indian Rupees.

Full Story >>

New Delhi [India], Feb. 21 (ANI-BusinessWire India): Herbalife, a global nutrition company, announced its partnership with Special Olympics Bharat (SOB) to support and encourage athletes with intellectual disabilities in India.

Full Story >>

New Delhi [India], Feb. 21 (ANI): After his appointment as the Chairman earlier today, Natarajan Chandrasekaran chaired his first Board Meeting of Tata Sons Limited.

Full Story >>

New Delhi [India], Feb 21 (ANI): Reliance Industries chairman and managing director Mukesh Ambani on Tuesday announced that Reliance Jio, which has achieved unprecedented level of acceptance in the world, has crossed a subscriber base of 100million in record time.

Full Story >>

New Delhi [India], Feb. 21 (ANI-BusinessWireIndia): HCL Infosystems, one of India's Premier IT Services, Distribution and Digital Solutions Company, showcased Cloud and Internet-of-Things (IoT) based solutions at the Future Decoded, Microsoft India's flagship conference, being held in Mumbai on February 21 and 22, 2017.

Full Story >>

New Delhi [India], Feb 21 (ANI): Addressing the media on the progress in making Digital Payments a mass movement in India, CEO Niti Aayog Amitabh Kant said that there are nearly 10 lakh citizens who have so far got reward money of over Rs. 153.5 crore for embracing digital payments.

Full Story >>

New Delhi [India], Feb. 21 (ANI): In the wake of the ongoing BMC Polls in Mumbai, Niranjan Hiranandani, CMD, Hiranandani Communities has encouraged Mumbaikars to exercise their voting rights and feel proud of their city.

Full Story >>

New Delhi [India], Feb. 21 (ANI): India's first healthcare education and training company, Vivo Healthcare is eyeing major expansion across India, South Asia and the Middle East, following fresh strategic funding from Netherlands-based ICCO Investments.

Full Story >>

New Delhi [India], Feb 21 (ANI-BusinessWireIndia): Eminent educationist and psychologist has been bestowed the BBC Knowledge Award for Outstanding Contribution to education at the World Education Awards at Taj Lands End in Bandra by the Minister of Education of Malaysia on 18th February for his mass movement to reduce dropouts and girl education.

Full Story >>

New Delhi [India], Feb. 21 (ANI): Siemens Limited and Siemens Rail Automation Ltd. S.A.U Spain have jointly won an order worth Rs. 287 crore to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro, the North-South and the East-West Corridors.

Full Story >>

New Delhi [India], Feb 21 (ANI-NewsVoir): Samsung, Apple and HTC have emerged as the most successful mobile brands in the first decade of smartphones in India, according to the Mobile Industry Consumer Insight (MICI) Report by CyberMedia (CMR) Research.

Full Story >>

New Delhi [India], Feb 21 (ANI): To commemorate the 25th year of the ASEAN India relations, TEPC (Telecom Equipment and Services Export Promotion Council) organized an inter-ministerial meeting between telecom ministers of ASEAN countries and India in New Delhi today.

Full Story >>

New Delhi [India], Feb. 21 (ANI): The most anticipated Goods and Services Tax (GST) bill, which is most likely to be a game-changer in terms of cost cutting will provide leverage to implement cost cutting mechanisms, thus paving way for consumers to avail Gensets at lower costs, said Sanjeev Nimkar, Vice President, Business Head Kirloskar Oil Engines Ltd., at the launch of their new range of High Horsepower (HHP) Gensets.

Full Story >>

New Delhi [India], Feb. 21 (ANI): After relentless debates have been underway discussing the impact of demonetisation, HDFC Bank Chairman Deepak Parekh on Tuesday stated that it is high time this discussion ended, while casting his vote in Mumbai today in the BMC polls.

Full Story >>

New Delhi [India], Feb. 21 (ANI): Known for its diverse publishing programmes across different disciplines, Oxford University Press (OUP) introduced its medical publishing programme to India.

Full Story >>

New Delhi [India], Feb. 21 (ANI): Excelity Global, India's largest provider of payroll administration, benefits and human capital management, announced its collaboration with Fortis Healthcare, on Monday.

Full Story >>

New Delhi [India], Feb. 21 (ANI): IT solutions provider Infosys retaliated against allegations made in the anonymous whistleblower's letter that was published in newspapers on Monday, stating that the assertions made are libellous and are aimed at tarnishing the image of Infosys and its management.

Full Story >>

Mumbai [India], Feb. 20 (ANI): Tata Consultancy Services (TCS) Ltd on Monday appointed V. Ramakrishnan as the Chief Financial Officer (CFO) of the company.

Full Story >>