Morepen Laboratories posts 203% increase in PAT at Rs.13.01 crore in fiscal 2015

Morepen Laboratories Ltd, one of the largest producers of Montelukast Sodium (an anti-asthmatic drug), in global generic markets with an annual capacity of about 36 tonnes has reported a 203 % rise in its Profit after Tax (PAT) at Rs. 13.01 crore and a 15% rise in Total Income at Rs. 328.87 crore for the first nine months of the current fiscal ended December 31, 2015. According to a company statement, the third quarter ended December 31, 2015, the PAT stood at Rs. 7.28 crore on a Total Income of Rs. 112 crore, registering a growth of 146% and 10% respectively.

The profit before tax (PBT) for the 9-months stood at Rs. 12.87 crore compared to Rs. 5.38 crore in the corresponding period in the previous financial year, registering a growth of 139%. PBT for third quarter stood at Rs. 5.72 crore (Rs.3.70 crore). The bulk drug (API) business, maintaining its lead in the company’s business, registering a growth of 18.5 % in its 9M revenues at Rs. 211.12 Crores. Home – Health business posted a healthy growth of 19% during 9M period ended December 31, 2015.

Anti-Asthmatic drug, Montelukast has contributed Rs. 48 crore to the company’s Total Income in the nine-month period and is likely to end fiscal 2015-16 with a total contribution of Rs. 70 crore (approx.) to the top line. With its commercial launch in the international market, Montelukast is set to become the next major blockbuster bulk drug for the company after Loratadine. The company expects to notch a global turnover of Rs. 100 crore from this single bulk drug alone in the financial year 2016-17. Subsequently, with increased capacities, the global sales from Montelukast are likely to touch Rs. 250-300 cr in the coming few years, a company statement pointed out.

Global reach

The firm all set to encash multi billion dollar international market for the complex molecule. The company is tying up in European and North American markets for supplies to Abbreviated New Drug Application (ANDA) holders for the sale of Montelukast Sodium.
Sushil-Suri
“This will soon trigger the process of inspection of the company’s manufacturing plant at Parwanoo by US Food and Drug Administrator (USFDA),” Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., said after a meeting of the company’s board on Monday. The company’s board of Directors took on record its financial results for the third quarter and first nine months of the current financial year 2015-16.

Speaking on the development, Mr. Suri, said, “We are working in a highly competitive global scenario where our focus is to position Morepen as the most cost-effective bulk drug producer and supplier. We have always welcomed the challenge of change with aggressiveness and with the addition of Montelukast in our basket of products, would like to direct our energies towards providing more and more innovative products that help improve the quality of drug supply, the world over, and to attain the highest quality standards and win global accolades in the years to come.”

“As of today, Montelukast is commercially sold to customers in about 32 countries. The company aims at joining the ranks of world-class pharmaceutical companies by expanding the product’s presence in untouched international markets, resulting in substantial increase in its exports turnover in the years to come,” Mr. Suri added.

Montelukast is manufactured by Morepen at its manufacturing facility in Parwanoo (Himachal Pradesh), which has been inspected by various global regulatory agencies including USFDA, EUGMP, TGA and others. The product is manufactured under strict quality control complying with cGMP requirements and meeting various global manufacturing standards. Morepen already holds US Drug Master File (DMF), Certificate of European Pharmacopoeia (CEP), Import Drug Licence (IDL) for Chinese market and necessary accreditations for other countries including Canada, Russia, Taiwan and Iran.

About Morepen Laboratories Ltd.

Morepen Laboratories Ltd. is a 30-year old pharmaceutical and healthcare products company. The company went public in the year 1993 and is currently listed at both the Bombay Stock Exchange as well as the National Stock Exchange.

Morepen is engaged in the manufacturing and sale of APIs/ Bulk Drugs, Home Diagnostics, Formulations and OTC products. The company’s state-of-the-art manufacturing facility at Baddi (Himachal Pradesh) comprises a scientifically integrated complex of 10 plants, each with a specific product profile. The USFDA approved plant at Masulkhana is for manufacture of Loratadine, an anti-allergy drug – internationally known as Claritin. The new block buster drug Montelukast is also manufactured at this FDA approved site. The large and spread out manufacturing facility at Baddi manufactures latest and much in demand products like Atorvastatin, Rosuvastatin, Sitagliptin and others for regulated markets of USA and also for non-regulated markets across the globe. Morepen markets over 100 branded formulations under six major therapeutic segments in the domestic market. It has WHO GMP facilities for manufacturing of Formulations. The company’s manufacturing facilities are backed by a strong dedicated team of research and development (R&D) professionals who ensure stringent quality standards.

In Home – Diagnostics business, Morepen has a formidable presence in Blood Glucose Monitors and Blood Pressure Monitors, which are imported by the company for sale in the domestic market. The company’s OTC brands are being promoted under its wholly owned subsidiary Dr. Morepen Limited. Dr. Morepen’s famous OTC product line, including Burnol, Lemolate, Sat-Isabgol, Fever-X, Pain-X and others, has a significant presence in the domestic market.

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Morepen Laboratories post 940% net profit in Q2 2015

Morepen Laboratories, the 30-year old Himachal Pradesh-based pharmaceutical major, has posted a phenomenal jump of 940% in its net profit, 24%, in its income from operations and 52% in exports in the second quarter of financial year 2015-16. According to a company statement, the spike in its bottom line is backed by an impressive all-round improvement in sales revenue of its various divisions in the Q2 ended September 30, 2015.

The pharmaceutical major’s profit after tax (PAT) in Q2 FY 2015-16 was pegged at Rs.3.22 crore, up from Rs.31 lakh in the corresponding period of the previous financial year, logging a whopping 940% growth. While its net income from operations surged by 24% at Rs.113 crore in Q2 FY 2015-16 from Rs.91.18 crore in the corresponding quarter of the previous fiscal and EBIDTA by 55% at Rs.16.06 crore from Rs.10.35 crore in the corresponding quarter of the previous fiscal. The cash surplus (EBDTA) has also shown a significant increase of 49% at Rs.12.74 versus Rs.8.52 crore in the year ago period.

Sushil-Suri

Sushil Suri, CMD, Morepen Laboratories, said: “Morepen Laboratories has a niche in the API business. Our cost reduction efforts coupled with continuous investments in R&D yielded rich dividends for the company as it attained a strong hold in the international markets, which eventually reflected positively on financial front in the current fiscal.”

Exports galore

A major portion of the growth in Q2 has come from exports business at Rs. 51.55 crore (Rs. 33.92 crore), an increase of 52%. Amongst various business segments, the Active Pharmaceutical Ingredients (API)/ Bulk Drugs segment’s contribution in total sales continued to remain at the top with a revenue of Rs. 69.52 crore in Q2 FY 2015-16, up by 37 per cent from Rs. 50.59 crore in corresponding quarter of the previous FY. Within the bulk drug’s segment, Atorvastatin’s business stood at Rs. 11.31 crore and Loratadine at Rs. 29.46 crore, registering a growth of 79% and 37% respectively.

The Home Diagnostics business with a sales revenue of Rs. 16.08 crore in Q2 FY 2015-16 (Rs. 13.75 crore) is another big contributor to the upsurge in the overall performance. Blood Glucometers and BP Monitors, used for measuring blood sugar and blood pressure in human body, are the main force driving Home Diagnostics sales of the company in the current fiscal. These high-end devices alone have recorded a sales revenue of Rs. 10.93 Crore in Q2 FY 2015-16. The company’s brands “Gluco One” and “BP One” are amongst the top three brands of the country in their respective categories. The company has high hopes from these business segments in the coming years, given the fact that India is increasingly being considered as the diabetic and cardiac capital of the world.

In the half year ended September 30, 2015, Morepen Laboratories has recorded a net profit of Rs. 5.73 crore and an income from operation of Rs. 216.56 crore, registering a growth of 328% and 19% respectively. EBIDTA during first half rose by 21% at Rs.29.52 crore, cash surplus (EBDTA) by 17% at Rs. 24.54 crore, Exports by 28% at Rs. 97.07 crore, Home Diagnostics business by 23% at Rs.30.70 crore and API business by 24 % at Rs. 129.91 crore. The sales revenue of Gluco Monitors and Blood Pressure Monitors in the first half has increased to Rs. 20.35 crore as compared to Rs. 14.23 crore in the first half of previous fiscal.

Morepen Laboratories Ltd. is a 30-year old pharmaceutical and healthcare products company. The company went public in the year 1993 and is currently listed at both the Bombay Stock Exchange as well as the National Stock Exchange.

Morepen is engaged in the manufacturing and sale of APIs/ Bulk Drugs, Home Diagnostics, Formulations and OTC products. The company’s state-of-the-art manufacturing facility at Baddi (Himachal Pradesh) comprises a scientifically integrated complex of 10 plants, each with a specific product profile. The USFDA approved plant at Masulkhana is for manufacture of Loratadine, an anti-allergy drug – internationally known as Claritin. The large and spread out manufacturing facility at Baddi manufactures latest and much in demand products like Atorvastatin, Montelukast, Rosuvastatin, Sitagliptin and others for regulated markets of USA and also for non-regulated markets across the globe. Morepen markets over 100 branded formulations under six major therapeutic segments in the domestic market. It has WHO GMP facilities for manufacturing of Formulations. The company’s manufacturing facilities are backed by a strong dedicated team of research and development (R&D) professionals who ensure stringent quality standards.

In Home – Diagnostics business, Morepen has a formidable presence in Blood Glucose Monitors and Blood Pressure Monitors, which are imported by the company for sale in the domestic market. The company’s OTC brands are being promoted under its wholly owned subsidiary Dr. Morepen Limited. Dr. Morepen’s famous OTC product line, including Burnol, Lemolate, Sat-Isabgol, FeverX, Pain X and others, has a significant presence in the domestic market.