Wednesday, Jul 8 2020 | Time 14:15 Hrs(IST)
image
  • Rupee slips 8 paise against USD
  • China to impose visa restrictions on US citizens
  • Tibetan President in exile thanks US for imposing visa restrictions on China
  • COVID-19: Aurangabad reports 166 new cases
  • Two minors drown in UP's Prayagraj
  • Jharkhand: Villagers attack medical team with stones in Pakur; administration denies incident
  • Thane's GH COVID Hospital bungles identities in 'missing' patient case
  • Police, SDRF teams rescue woman trapped in flash floods in Jammu
  • 1062 new Coronavirus positive cases reported in AP since last 24 hrs, 12 more die
  • Test trial of train with battery engine successful
  • Reimbursement of one pulse oximeter per family allowed under ECHS
  • Four more test positive for COVID-19 in Meghalaya
  • Security beefed up in Kashmir on 4th death anniv of Burhan Wani
  • Jharkhand CM under home quarantine after Cabinet colleague tests positive for Covid-19
  • SBI reduces MCLR by 5-10 bps in the shorter tenors
Business Economy


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.
UNI ADP RSA SNU 1539
More News
SBI reduces MCLR by 5-10 bps in the shorter tenors

SBI reduces MCLR by 5-10 bps in the shorter tenors

08 Jul 2020 | 2:13 PM

Kolkata, Jul 8 (UNI) Country’s largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 5-10 bps in the shorter tenors i.e. up to 3 months, with effect from July 10 2020, to boost credit off take and revive demand.

see more..

NSDC collaborates with Microsoft to empower Indian youth with digital skills

08 Jul 2020 | 1:55 PM

Mumbai, Jul 8 (UNI) The National Skill Development Corporation (NSDC) and Microsoft on Wednesday announced a strategic partnership aimed at providing digital skills to over 1 lakh youth in the country over the next 12 months.

see more..

Hungama launches ‘Royal Stag Hungama Music Bus

08 Jul 2020 | 1:54 PM

Mumbai, Jul 8 (UNI) Hungama, India’s leading digital entertainment company, on Wednesday launched Royal Stag Hungama Music Bus, a new original show that highlights the regional flavours of music in India.

see more..

Leela Palaces, Hotels Appoints Anjali Mehra as vice-president Marketing

08 Jul 2020 | 1:54 PM

Mumbai, Jul 8 (UNI) The Leela Palaces, Hotels and Resorts has appointed Anjali Mehra as Vice-President Marketing.

see more..

Bharat Forge launches Health Risk Monitoring System

08 Jul 2020 | 1:42 PM

Mumbai, Jul 8 (UNI) Bharat Forge Limited (BFL), in collaboration with AI start-up Blackstraw, has launched Health Risk Monitoring System (HRMS )– an AI based solution that enables companies and institutions to comply with MHA provided guidelines for safe reopening.

see more..
image