The rush for thermometers, blood pressure monitors and medicines during the Covid-19 helped Morepen Laboratories to net a profit of ₹27.17 crore in the second quarter of the current fiscal, which was 5.5 times more than that in the corresponding quarter of 2019-20, the company said in a statement on Monday.
The net revenue of the New Delhi-based firm, specialising in bulk drugs and diagnostic devices, stood at ₹340.13 crore as against ₹216.24 crore in the same quarter last year.
The sale of home diagnostic devices such as thermometers (including non-contact infrared thermometers) and blood pressure monitors registered a near 100 per cent growth to ₹90.35 crore. While the revenue from thermometer sales went up by 311 per cent compared to the same quarter, BP monitor sales increased by 185 per cent.
Bulk drug business of the company too posted a handsome 60 per cent growth to ₹186.69 crore Y-o-Y.
While revenue from domestic sales went up by a spectacular 73 per cent to Rs 212 crore, that from exports registered 38 per cent growth to ₹128.21 crore in Q2FY21.
The revenue from OTC sales too grew by 53 per cent to Rs 23 crore riding mainly on a range of products Morepen launched during the quarter to fight Covid-19 pandemic.
An extraordinary general meeting of the company’s shareholders last week approved issuance of up to 16.85 crore fully convertible warrants at a price of ₹25 each aggregating ₹ 421.25 crore to persons from promoters’ group. These warrants would be eligible for conversion into equity shares in the ratio of 1:1 on or before the expiry of 18 months from the date of their allotment, the statement said.