Morepen Laboratories Ltd. has reported a 189% rise in its net profit (consolidated) at Rs. 97.09 crores whereas net consolidated revenue during the year rose by 39 per cent at Rs. 1,200.13 crore. In the previous fiscal, the company recorded a net profit of Rs. 33.58 crores with annual revenue of Rs. 842.55 crores.

The EBITDA for FY 2020-21 grew by 6/7 per cent at Rs. 130.58 crores and the cash profit by 69 per cent at Rs. 128.47 crores. Profit before Tax (PBT) is exceptionally up by 151 per cent at Rs. 78.51 crores, up from Rs. 39.11 crores in the previous fiscal.

Export revenue shares soared to 40 percent of the total Revenue in FY21 and exports grew by 39 per cent to Rs. 476.64 crores. Major exports revenue comes from API business which has 69 percent export sales to regulated markets as the company maintained the supplies to all the customers worldwide despite lockdown and cargo restrictions. Domestic Revenue also recorded an excellent growth of 39 per cent in FY21 at Rs. 723.48 crores in middle of lockdowns and Covid-19 constraints.

During the year, API share in total revenue has gone Up from 60.8 percent to 62 percent a jump of 120 bps and also Medical Devices also had an outstanding gain of 450 bps from 21.4 percent to 26.1 percent while formulation business lost 570 bps in the total revenue.

Commenting on API business, Sushil Suri, Chairman and Managing Director, Morepen Laboratories Limited said, “We are seeing big shift in API strategy as fifteen blockbuster drugs are losing patent in the coming five years and a market of 942 Billion is opening for generic players like us and we are all geared to launch the productson patent expiry. Our market is likely to expand fifteen to twenty times.”

“We are setting up a world class R&D Centre as ihe company is increasing its thrust on basic research looking at the need of the hour in the time of this crisis and also to strengthen the company's effort to become the manufacturing hub for global players. R&D Centre will be housed in Baddi and will cater to all business divisions in addition to expansion plans for all its verticals including APls, Formulations and Medical Devices." added Suri.

Rs. 178 crore expansion plan of API has already been approved by the state government and has also got environmental clearance and work will start soon. This plant would start functioning in a period of three years and would add capacity of 2,000 MT over 40 new products.