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The Covid-19 lockdown led Delhi-based Morepen Laboratories to report a lower consolidated net revenue in the fourth quarter (Q4) of FY 2019-20.
The company stated that its net revenue was marginally down by 5.2 per cent at ₹208.39 crore as compared to ₹219.74 crore in the corresponding quarter of the previous year. In a press statement, Morepen attributed the lower revenue to the Covid-19 lockdown effect in the last two weeks of March 2020.
The company’s net profit after tax during Q4 FY 2019-20 was up 5.1 per cent at ₹11.02 crore as compared to ₹10.49 crore in the same quarter a year earlier.
Morepen also stated that its Active Pharmaceutical Ingredients (API) business exports got hit in the last two weeks of March due to the Covid-19 lockdown, but this was compensated by an excellent sales performance in April and May.
“API business was down by 9.79 percent in Q4 FY 2019-20 compared to the corresponding quarter of the last (previous) fiscal. Home diagnostics business was not impacted by lockdown in March and registered a growth of 43.79 percent with Blood Glucose Monitors’ sale recording a jump of 78 per cent in this tough situation in Q4 FY 2019-20,” the release stated.
Morepen launched non-contact infrared thermometers in April. It also launched Covid-specific products such as oximeters, hand sanitisers, hand rubs, handwash, anti-bacterial spray, antibacterial soap, disinfectant solutions, face masks, gloves, Vitamin- C gummies for kids, Multivitamins, Chyawanprash and curcumin tablets.
“The company has achieved good growth and smoothly sailed through the difficult business challenges posed by the novel coronavirus disease globally. The impact of Covid-19 and the subsequent lockdown in the entire country has been mitigated by the company to a large extent by its timely launch of various new products in the personal hygiene and protection segment,” said Sushil Suri, Chairman and Managing Director, Morepen Labs.
The company has recently got the licence to manufacture Hydroxychloroquine. “The drug... is currently undergoing commercial trials,” the release stated.
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