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Morepen Lab’s net profit rises by 179 pc

New Delhi, May 1 (UNI) Morepen Laboratories Limited has reported a 179 per cent rise in its net profit at Rs 7.73-crore and 17.4 per cent rise in its net sales revenue at Rs 141-crore in the fourth quarter (Q4) of fiscal 2016-17.

The net profit and the net sales revenue stood at Rs 2.77-crore and Rs 119.77-crore in the corresponding quarter of the fiscal 2015-16.

Announcing the results, Sushil Suri, Chairman and Managing Director, Morepen Laboratories, said that the company’s expanding global reach assisted in achieving a higher topline in Q4 FY 2016-17. Export sales registered a growth of 29 per cent in Q4 at Rs 73-crore. Sales from domestic operations, however, registered a marginal growth of 7 per cent at Rs 68-crore.

“The bulk drugs (API) segment continued to excel in the quarter by contributing 67 per cent to the company’s total turnover. Morepen Lab’s blockbuster bulk drug Loratadine has once again emerged as a growth accelerator for the company in Q4 FY 2016-17,” he said.

According to Mr Suri, Sales from Loratadine alone increased by 54 per cent in Q4 at Rs 34.35-crore. Total bulk drugs sales in Q4 increased by 21 per cent at Rs 94.35-crore.

OTC (Over the Counter) products and Formulations also recorded good sales numbers for the quarter under consideration. Total sales from OTC products, comprising Burnol & Lemolate, went up by 11 per cent in Q4 FY 2016-17.

“Consistent focus on backward integration, research and process innovation has helped company garner better foothold in the market and company’s vision to invest in the new markets is showing results on the expected lines,” he said.

During the entire financial year 2016-17, Morepen Lab’s net profit grew by 46 per cent at Rs 23.04-crore as against Rs 15.78-crore net profit registered in the previous fiscal. Net sales revenue in FY 2016-17 grew by 21 per cent at Rs 529.18-crore.

The total API business registered a growth of 23 per cent at Rs 340.13-crore, Dr. Morepen Home Diagnostics business registered a growth of 23 per cent at Rs 77.76-crore, formulations business registered a growth of 10 per cent at Rs 26.59-crore and Product Contract Manufacturing and Brand Sharing business grew by 16 per cent at Rs 84.69-crore.
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