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Morepen Laboratories, whose bulk drug business grew 44 per cent and accounted for 64 per cent its revenues in the first quarter, would invest ₹178 crore to expand its existing Active Pharmaceutical Ingredients (API) plant, the company said in a statement on Monday.
The Delhi-based listed company said its net profit by 153 per cent to ₹19.37 crore in the first quarter of the current fiscal as compared to ₹7.66 crore in the corresponding quarter in 2019-20. There was 27 per cent growth in its net revenues too. Total Q1 revenues of the firm stood at ₹259 crore as compared to 203 crore in the same quarter last year.
API sales accounted for ₹162 crore, which was 64 per cent of the total Q1 revenue, while home diagnostics and OTC drugs accounting for the rest.
The Morepen Board gave green signal to expanding its Baddi plant to produce 40 fresh and existing bulk drugs. “API business of the company is doing exceedingly well and is gaining greater traction in the international markets….Encouraged by the unfulfilled demand of existing products and keeping in mind the strong pipeline of APIs under development which are going generic over the next 5-6 years, the company has envisioned a mega expansion plan for existing and new products at its Baddi plant,” said Sushil Suri, Chairman and Managing Director, Morepen Laboratories.
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