Morepen clocks 57 pc growth in Q1 PAT at Rs 30 crore
Jul 27, 2021
New Delhi [India], July 27 : Morepen Laboratories said on Tuesday it registered a growth of 97 per cent in consolidated profit before tax at Rs 38 crore during the quarter ending June 30.
Profit after tax for the quarter was up by 57 per cent at Rs 30 crore. Quarterly revenues at Rs 388 crore recorded a growth of 50 per cent from Rs 259 crore in the same period of previous fiscal.
The growth is on the top of 27 per cent jump in sales last year same quarter despite countrywide lockdowns due to fast spreading Covid-19.
The company continued to control operating costs resulting in increase in Q1 FY22 EBIDTA by 63 per cent at Rs 45 crore while cash profit at Rs 45 crore is up by 64 per cent.
Earlier this month, the Russian Direct Investment Fund (RDIF) and Morepen Laboratories announced the production of a test batch of Sputnik V coronavirus vaccine at an exclusive facility in Himachal Pradesh.
The first six batches are being shipped to the Gamaleya Centre in Moscow for the quality approval.
"We are all set to start the commercial production within four to six weeks," said Sushil Suri, Managing Director and Chairman. "Our partnership with RDIF to manufacture Sputnik vaccine in India is a big milestone for the company."
Suri said the company has a capacity to manufacture up to 250 million dose per annum that can be ramped up to 500 million doses per annum.
"We remain committed to fight the battle of Covid and gear ourselves for fast vaccination of the nation. Morepen's commitment towards this project is step forward towards entry into biosimilars and other biologicals."
Morepen is engaged in the manufacturing and sale of APIs, bulk drugs, home diagnostics, formulations and over-the-counter products.
The company's manufacturing facility at Baddi in Himachal Pradesh comprises a scientifically integrated complex of 10 plants, each with a specific product profile.
