Morepen Laboratories Reports Strong Q1 FY25 Performance

Key Highlights

• Successful completion of a ₹200 crore QIP
• Strong growth in the medical devices business
• Expansion of manufacturing capabilities
• Increased focus on exports and high-yielding markets
• Robust distribution network

Morepen Laboratories Limited, a prominent player in the medical devices and pharmaceutical sectors, has announced impressive financial results for the first quarter of FY2025. The company’s revenue from medical devices witnessed a substantial 20% year-on-year growth, driven by strong performance in blood glucometers and blood pressure monitors.

In the pharmaceuticals segment, Morepen achieved an 11% increase in revenue, with exports contributing significantly to the growth. The company’s focus on high-yielding markets and innovative product development has been instrumental in driving this performance.

Morepen has been actively expanding its manufacturing capabilities to reduce dependence on imports and lower production costs. The company has initiated backward integration measures, such as in-house chip mounting, to enhance control over the supply chain.

The company’s strong financial performance is also reflected in its robust distribution network, comprising over 5,100 distributors and 328,000 retail touchpoints across India. This extensive network enables effective reach and market penetration.

Mr Sushil Suri, Chairman and Managing Director of Morepen Laboratories, commented on the QIP, stating, “This strategic fundraising marks a pivotal point in the company’s growth journey. With the influx of this new capital, we will accelerate our capacity expansion plans and broaden our market reach.”

He further added, “With this fresh infusion of capital, the company can clearly focus on its two growth engines – Medical Devices & Pharma – and reposition itself for growth in select categories with an end-to-end supply chain from manufacturing to marketing. We will have an increased focus on research and backward integration, fostering innovation and cost reduction, thereby positioning the company as a reliable partner for global outsourcing in both the Medical Devices and Pharma sectors for export markets.”

Mr Suri, commenting on the quarterly performance, added, “We at Morepen, and India as a country, are at the inflection point of an expanding Medical Devices market unfolding with a new vision for India to become the manufacturing hub for Medical Devices. The Indian Medical Devices market is estimated to grow 4.5 times to $50 billion by 2030 from the current size of $11 billion and is expected to reach $250 billion by 2047, as per Invest India estimates. We are preparing ourselves to gain a major market share in the point-of-care medical devices sector.”

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