The shares of a leading pharmaceutical producer of active pharmaceutical ingredients and formulations rose by 9.5% to ₹52.20 per share after the company reported a net profit growth of 249%.
At 12:15 p.m., Morepen Laboratories Ltd shares were trading at ₹50.60 per share, up 6.19% on the Bombay Stock Exchange from the previous close price. The company has a market capitalization of ₹2,586 crore.
As per the company’s filing, Profit After Tax (PAT) for Q4 FY24 stood at ₹ 28.74 crores, representing a 249% increase from ₹ 8.24 crores in the same period last year. On an annual basis, PAT rose by 150% to ₹ 96.62 crores from ₹ 38.68 crores in FY23. Earnings Per Share (EPS) increased from ₹ 0.77 to ₹ 1.88 for FY24.
Revenue from operations for Q4 FY24 amounted to ₹ 423 crores, reflecting a 14% growth compared to ₹ 363 crores in the same period last year.
Profit Before Tax (PBT) for Q4 FY24 was ₹ 42.20 crores, a substantial increase of 279% from ₹ 11.14 crores in Q4 FY23. Annually, PBT grew by 143% to ₹ 135.42 crores from ₹ 55.76 crores in FY23.
Annual revenue for FY24 was ₹1,704 crores, marking a notable 20% increase from ₹1,424 crores in FY23. EBITDA for Q4 FY24 surged by 182% to ₹52.62 crores, compared to ₹18.68 crores in the same quarter last year.
For the entire fiscal year, EBITDA doubled, reaching ₹172.60 crores, up 101% from ₹85.67 crores in FY23. Meanwhile, profit for FY24 was ₹96.62 crores, representing a 150% increase compared to ₹38.68 crores in FY23.
Morepen Laboratories Ltd. is a leading pharmaceutical company in India that specializes in the manufacturing and supply of bulk drugs, formulations, diagnostics, and APIs.
The company exports a substantial portion of its API products, catering to the needs of numerous international markets. Morepen holds a leadership position in the export of 6 key API products,Loratadine, Montelukast, Desloratadine, Atorvastatin and Fexofenadine.
The company’s API segment experienced a remarkable 32% increase in exports to the US market and impressive growth rates of up to 53% across multiple continents. Despite significant price pressures, the API business achieved a commendable 14% growth in revenue and a 39% growth in volume, with 68% of its revenue coming from international markets, serving over 500 customers worldwide.
Shares of Morepen Laboratories Ltd have risen by 16% over the past six months and by 97% over the past year.
Written by Omkar Chitnis
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