Morepen Laboratories shown skyrocketed results with 160% increase in PAT!

Morepen Laboratories Ltd has reported its unaudited financial results on Saturday, August 5, 2023 for the quarter that ended on June 30 2023 or Q1FY24. Today it has shown spike in share price after the robust results.    

Talking about the financials for Q1FY24 on a consolidated basis in comparison to the same quarter last year, the company’s net profit for the first quarter which ended on June 30, 2023, increased by 159.86% to Rs 14.63 crore from Rs 5.63 crore. In Q1FY24, the company’s total net revenue increased by 33.02% from Rs 303.31 crore to Rs 403.46 crore in a similar quarter the year prior.        

Sequentially the company’s net profit for the quarter which ended on June 30, 2023, increased by 77.55% from Rs 8.24 crore. In Q1FY24, the company’s total net revenue increased by 9.99% from Rs 366.81 crore in the similar quarter the year prior.   

Company has purposed to re-appoint Sushil Suri as the Chairman & Managing Director of the company for a further period of 3 years, effective from October, 20 2023 subject to the approval of the members in the ensuing Annual General Meeting of the company. 

In the last trading session, the scrip closed at Rs 30.46. Today it opened at Rs 33.55 and closed at Rs 33.14, up by 8.80%. It has 52-week high at Rs 48.40 and it has a 52-week low of Rs 23.65. The company has a market cap of around Rs 1690 crore.  

Morepen Laboratories Ltd is engaged in the business of manufacturing, producing, developing and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations and also the Home Health products. Morepen today is the largest producer of Loratadine in the world and presently has over 90% market share of generic Loratadine in the US market other than the innovator by supplying the bulk drug to top class customers like Novartis, Merck etc. 

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