Morepen Labs reports 24 per cent rise in net sales in half yearly results

Our Bureau New Delhi | Updated on November 13, 2019

Morepen Laboratories has reported a net sales revenue of ₹ 383.30 crore in the first half year of 2019, registering a growth of 24.2 per cent as compared to the net sales revenue of ₹ 308.56 crore in the corresponding first half of the previous fiscal.

Also, cash profit during the same period was up by around 32.4 per cent at ₹ 36.63 crore.

The bulk drugs or Active Pharmaceuticals Ingredients (API) segment contributed around 60 per cent to the company’s total turnover, the company has stated in a press release. “API’s export sales registered a growth of 46 per cent at ₹ 172 crore in the first half under consideration. Export sales for Montelukast Sodium rose by 156 percent at ₹ 46.30 crore and that of Atorvastatin Calcium by 43 percent at ₹ 36.25 crore,” the press release said.

Sushil Suri, Chairman and Managing Director, Morepen Laboratories said, “All our focus is currently on the growth strategy for next five years. In line with this objective, the company is expanding its reach further into export markets and has also widened its offered portfolio of APIs by adding three new APIs in Cardiac, Diabetes and Liver segments to it. All these news APIs have been developed by the company’s in-house R&D team. This apart, the domestic OTC health basket is being strengthened further with many new products in the nutritional and preventive healthcare segments,” Suri said.

Company has launched three new APIs - Vildagliptin (Diabetes), Rivaroxaban (Cardiac) and Ursodeoxycholic Acid (Liver). “The three drugs will currently be sold in India and patent-free markets worldwide. The Drug Master File for regulatory markets will be filed within the next 12 months’ time frame,” the company said.

Looking at increasing incidence of diabetic cases in India, the Blood Glucose Monitors and Blood Pressure Monitors segment offers great opportunity for growth in the coming years, the company has said.

Blood Glucose Monitors and Nebulisers recorded highest growth in the half year at 33 per cent and 60 per cent, respectively. The combined sales revenue of Blood Glucose Monitors and Blood Pressure Monitors in the half year increased to ₹ 78.01 crore as compared to ₹ 61.19 crore in the corresponding period of previous fiscal, registering a growth of 27 per cent.

Also, Isabgol and Lemolate brands grew by 41 per cent and 12 per cent, respectively, the company stated.

Published on November 13, 2019

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