Shares of this pharma stock under the ‘small-cap’ category jumped up to 2 percent in Friday’s trading session after the company reported financial results for the quarter ended December 2023.
With a market capitalization of Rs 2,705.62 crores, the stocks of Morepen Laboratories Limited started their trading session on Friday at Rs 53.55 and currently trade at Rs 53.20.
The company’s scrip witnessed an intra-day high, also marked as the fresh 52-week, of Rs 56.19 exhibiting a gain of around 2 percent compared to the previous closing levels of Rs 52.98 apiece.
Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023.
During the recent financial quarters, the company reported a jump in both the prime indicators of business, viz, operating revenues as well as after-tax profits. The former took a shift from Rs 422 crores during Q2FY24 to Rs 445 crores during Q3FY24, and the after-tax profits, during the same period, rose from Rs 21 crores to Rs 32 crores.
Moreover, the company, yearly, reported an increase in both metrics mentioned above with the operating revenues rising from Rs 349 crores during Q3FY23 to Rs 445 crores during Q3FY24, and the latter, keeping the timeframe the same, increased by a whopping 256 percent, shifting from Rs 9 crores to Rs 32 crores.
As per the latest shareholding pattern data for the December 2023 quarter, the company’s Promoters hold a 38.22 percent stake, and the Foreign Institutional Investors (FIIs), recently increasing their stake, currently hold a 2.11 percent stake in the company.
Morepen Laboratories Limited is a pharmaceutical company based in India that is engaged in the business of developing, manufacturing, and marketing generic drugs and other pharmaceutical formulations. The company’s products include capsules, injections, ointments, tablets, syrups, and powders.
Written by Amit Madnani
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