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Morepen Laboratories has recorded consolidated net profit of ₹ 23.53 crore for the fiscal ended March 31, 2017 — more than 83 per cent jump as compared to the consolidated net profit of ₹ 12.79 crore posted for the fiscal year ended March 31, 2016, the company informed the Bombay Stock Exchange (BSE) in a filing.
Sushil Suri, Chairman and Managing Director (CMD), Morepen Laboratories, said, “Consistent focus on backward integration, research and process innovation has helped the company garner better foothold in the market and the company’s vision to invest in the new markets is showing results on the expected lines.”
In a statement, the company further added that its interest cost dipped substantially during the fourth quarter of the previous fiscal and the entire FY 2016-17. “This has strengthened company’s aim to become debt free within a period of 12-15 months,” the statement said.
The company’s total revenues also increased substantially during the fiscal, closing at ₹ 587.59 crore. This represents a nearly 21 per cent jump from ₹ 486.28 crore revenues posted for fiscal year 2015-16.
The company’s stock closed marginally higher on the BSE on Monday, closing at ₹20.85, higher by 0.24 per cent.
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