Morepen Labs reports 118 pct jump in net profits for the Q2 of FY 2016-17

New Delhi [India], Nov 10 (ANI-BusinessWireIndia): Morepen Laboratories Ltd. has reported a 118 per cent rise in its net profit (profit after tax) for the Second quarter (Q2) of FY 2016-17. The net profit increased to Rs. 7.03 crore in Q2 of FY 2016-17 from Rs. 3.22 crore in the Q2 of the previous financial year. Major contributories to company's spectacular performance in Q2 include its top selling bulk drugs Montelukast (an anti-asthmatic), Atorvastatin (statin) and Rosuvastatin (another statin drug), which registered a jump of 46 percent, 33 percent and 203 percent respectively in their sales revenues. This apart, consumer health products promoted under Dr. Morepen umbrella brand i.e. Home Diagnostics, OTC (Over the Counter) products and Formulations also recorded excellent sales nos. for the quarter under consideration. This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd. after the company's board meeting, which discussed and took on record the financial results of the company for the Second quarter of FY 2016-17. "We are back on the growth trajectory with a renewed focus on high value APIs and Self Health brand Dr. Morepen which has registered phenomenal growth across all the product segments," he said. The net income from operations rose from Rs. 113.00 crore to Rs. 139.83 crore, registering a growth of 24 per cent in Q2 FY 2016-17 compared to the corresponding quarter in previous fiscal. While exports recorded a growth of 26 percent, from Rs. 51.50 crore to Rs. 64.79 crore, the net domestic sales went up from Rs. 57.42 crore to Rs. 72.98 crore, recording a growth of 27 per cent during the same period. The bulk drugs (API) business continues to be the top contributor to the company's topline, accounting for around 65 percent of the total turnover for the quarter. During Q2 FY 2016-17, Loratadine contributed Rs. 30.44 crore to the company's top line followed closely by Montelukast, which added Rs. 25.48 crore to its top line. The company cemented its leadership position in Dr. Morepen Home Diagnostic segment by registering a growth of 51 per cent in the sales of Glucometers at Rs. 12.61 crore and 23 per cent in BP Monitors in the Q2 FY 2016-17. The gross revenue from this business rose by 35 per cent at Rs. 21.78 crore in Q2 FY 2016-17 compared to Rs. 16.08 crore in Q2 FY 2015-16. Looking at increasing incidence of diabetic cases in India, this segment offers great opportunity for growth in the coming years. The company is targeting to touch a base of one million installations of Glucometers this year and sell up to 5 million strips every month. Burnol and Lemolate excelled in the OTC segment by registering a growth of 95 per cent and 375 per cent respectively in their sales in Q2 FY 2016-17. Total sales from OTC products went up by 84 per cent in Q2 FY 2016-17. During the quarter under consideration, the "Dr. Morepen" brand portfolio has recorded sales revenue of Rs. 57.40 crore against revenue of Rs. 47.72 crore in the corresponding quarter of the previous fiscal, recording a growth of 20% per cent. First Half yearly net profit of FY 2016-17 increased by 93 per cent to Rs. 11.04 crore as against Rs. 5.73 crore profits reported in the H1 of FY 2015-16. Net Income from operations during the period increased by 19.2 per cent at Rs. 258.27 crore. API business grew up by 27 per cent at Rs. 168.60 crore and Dr. Morepen Home Diagnostics business by 30 per cent at Rs. 40.03 crore. The sales revenue of Gluco Monitors and Blood Pressure Monitors in the first half has increased to Rs.29.56 crore as compared to Rs. 20.35 crore in the first half of previous fiscal. In the First half of current fiscal, the "Dr. Morepen" brand portfolio has recorded sales revenue of Rs. 107.78 crore against revenue of Rs. 88.04 crore in the corresponding first half of the previous fiscal, recording a growth of 22% per cent. (ANI-BusinessWireIndia)