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Morepen Laboratories Results: Latest Quarterly Results & Analysis

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Morepen Laboratories Ltd. 12 May 2025 17:32 PM
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Q4FY25 & FY25 Result Announced for Morepen Laboratories Ltd.

Pharmaceuticals company Morepen Laboratories announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 470 crore compared to Rs 427 crore during Q4FY24, change 10%.
  • EBITDA: Rs 47 crore compared to Rs 53 crore during Q4FY24, change -11%.
  • EBITDA margin: 10.0% for Q4FY25.
  • PAT: Rs 20 crore compared to Rs 29 crore during Q4FY24, change -29%
  • PAT margin: 4.32% for Q4FY25.

FY25 Financial Highlights:

  • Revenue: Rs 1,830 crore compared to Rs 1,704 crore during FY24, change 7.4%.
  • EBITDA: Rs 192 crore compared to Rs 173 crore during FY24, change 11.5%.
  • EBITDA margin: 10.5% for FY25.
  • PAT: Rs 118 crore compared to Rs 97 crore during FY24, change 22%
  • PAT margin: 6.5% for FY25.
  • Annual EPS up by 17% to Rs 2.20 for FY25.

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Pharmaceuticals company Morepen Laboratories announced Q2FY25 results

Financial Highlights:

  • Net Revenue: Rs 425.00 crore compared to Rs 442.71 crore during Q2FY24, change 4%.
  • EBITDA: Rs 36.83 crore compared to Rs 49.06 crore during Q2FY24, change 33%.
  • EBITDA margin: 8.66% for Q2FY25.
  • PBT: Rs 28.68 crore compared to Rs 46.02 crore during Q2FY24, change 60%.
  • PAT: Rs 21.26 crore compared to Rs 34.85 crore during Q2FY24, change 64%.
  • PAT margin: 5% for Q2FY25.
  • Earnings Per Share: Rs 0.42 for Q2FY25.

Sushil Suri, Chairman and Managing Director, Morepen Laboratories, said: “At Morepen, we are all supercharged to execute our strategic mission, ‘Morepen 2.0,’ as we target Rs 5000 crore (5K) in revenue by 2030. We are dedicated to building on our strengths across both domestic and global markets. As we pivot our forthcoming investments towards Medical Devices and Consumer Health, we remain committed to innovation and research in our core API business. We will continue to invest in technology and improve our operational efficiencies. The company continues to remain debt free and we will leverage our cash position to improve our product pipeline.”

“We are extremely confident of our growth strategies for achieving our long-term strategic goals. Our Focus remains on developing innovative products, tap newer markets including exports and improve profitability further. With our recent fundraise via the QIP route placing us at the forefront of marquee investors, we are actively evaluating various options to fund our growth plans on our journey to the 5K milestone.“

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Pharmaceuticals company Morepen Laboratories announced Q1FY25 results:

  • Net Revenue: Rs 458.64 crore (14% growth YoY)
  • Expenditure: Rs 403.59 crore (8% growth YoY) 
  • EBIDTA: Rs 55.05 crore (93% growth YoY)
  • Cash Surplus: Rs 53.89 crore (91% growth YoY)
  • Profit Before Tax (PBT): Rs 48.17 crore (135% growth YoY)
  • Profit After Tax (PAT): Rs 36.17 crore (147% growth YoY)
  • Quarterly EPS: Rs 0.71 (147% growth YoY)
  • The company has successfully completed the subscription of a QIP for Rs 200 crore on August 5, 2024.

Sushil Suri, Chairman and Managing Director of Morepen Laboratories, commented on the QIP, stating, “This strategic fundraise marks a pivotal point in the company’s growth journey. With the influx of this new capital, we will accelerate our capacity expansion plans and broaden our market reach.”

He further added, “With this fresh infusion of capital, the company can clearly focus on its two growth engines – Medical Devices & Pharma – and reposition itself for growth in select categories with an endto-end supply chain from manufacturing to marketing. We will have an increased focus on research and backward integration, fostering innovation and cost reduction, thereby positioning the company as a reliable partner for global outsourcing in both the Medical Devices and Pharma sectors for export markets.”

Suri, commenting on the quarterly performance, added, “We at Morepen, and India as country, are at the inflection point of an expanding Medical Devices market unfolding with a new vision for India to become the manufacturing hub for Medical Devices. The Indian Medical Devices market is estimated to grow 4.5 times to USD 50 billion by 2030 from the current size of USD 11 billion, and is expected to reach USD 250 billion by 2047, as per Invest India estimates. We are preparing ourselves to gain a major market share in the point of care medical devices sector.”

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Pharmaceuticals company Morepen Laboratories announced Q4FY24 & FY24 results:

  • Q4FY24 Revenue: Gross revenue of Rs 427 crore, 16.5% increase from Rs 367 crore in Q4’FY23.
  • Annual FY24 Revenue: Rs 1,704 crore, a notable 20% rise compared to Rs 1,424 crore in FY23.
  • EBITDA: EBITDA for Q4FY24 surged by 182% to Rs 52.62 crore from Rs 18.68 crore in the same quarter last year. For the full fiscal year, EBITDA more than doubled, achieving Rs 172.60 crore, up 101% from Rs 85.67 crore in FY23.
  • Profit Before Tax (PBT): PBT for Q4FY24 was Rs 42.20 crore, a substantial increase of 279% from Rs 11.14 crore in Q4FY23. Annually, PBT grew by 143% to Rs 135.42 crore from Rs 55.76 crore in FY23.
  • Profit After Tax (PAT): The PAT for Q4FY24 stood at Rs 28.74 crore, showing a 249% growth compared to Rs 8.24 crore in the same period last year. On an annual basis, PAT increased by 150% to Rs 96.62 crore from Rs 38.68 crore in FY23.
  • Earnings Per Share (EPS): Jumped from Rs 0.77 to Rs 1.88 for FY24, indicating a great start to the journey ahead.

Sushil Suri, Chairman and Managing Director of Morepen Laboratories, commented on the results, stating, "We are excited with the robust performance across all segments. Our strategic investments in the medical devices and API businesses have yielded excellent results, and we are confident of sustaining this momentum. The future looks promising as we continue to increase capacities and expand our market reach."

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Pharmaceuticals company Morepen Laboratories announced Q4FY23 results:

  • Company has got three landmark recognitions in last three months including one USFDA approval, one PMDA inspection and one ISO13485 Approval
  • During the current Quarter Q4FY23, the business has stabilised and the consolidated revenues at Rs 367 crore against Rs 372 crore in the same quarter last year.
  • Annual revenues of Rs 1,424 crore have also paced a CAGR of 18% though in the current year revenues of all segments maintained a steady position except Medical Devices.
  • Medical devices business which peaked during covid due to increased demand and inventory buildup has also stabilized in last quarters and is on upward journey. In FY23 the gross revenues at Rs 327 crore were 22% lower than peek of Rs 418 crore in FY22
  • Formulation Business has catching fast and has registered a jump of 28% in this Quarter.
  • Enhanced focus on marketing and advertising activities for better reach and brand recall, has affected the profitability levels.

 

 

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Pharmaceuticals firm Morepen Laboratories Announced Q1FY23 Result :

  • The company had long standing liability of 114.65 cr. as outstanding preference capital issued to the Banks/FI's in the 2003/2004.
  • During the quarter the company has converted the outstanding preference capital in to 2.13 cr. Equity Shares of the Company
  • This was the last leg of CDR and the company now has no payment obligations to Banks/FI's and is a Debt Free Company
  • Business is consolidating after Covid pandemic disturbance and expected to stabilise over next 2-3 quarters.
  • Against peak Covid quarterly revenue of Q1'FY22, the revenues for the current quarter, Q1'FY23, is down by 22%
  • Current quarterly revenue of Rs. 303 Cr., is up 50% from preCovid revenues of Q1'FY20 of Rs. 203 Cr.
  • On a long term basis (ignoring the Covid peaks) business has grown consistently at CAGR of 14% from Q1'FY20-Q1FY23
  • Muted demand, lower price recovery, higher input costs has impacted the profit margins for last two quarters and the recent Rupee depreciation is adding additional burden on the costs.
  • High inventory levels maintained for some Covid products are expected to be realised slowly in coming quarters.

 

 

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Pharmaceuticals company Morepen Laboratories declares Q4FY22 result:

  • Morepen Labs Annual FY22 Revenue up by 30% with Profit before Tax (PBT) growth of 29%
  • API Export registered a growth of 17%.
  • Annual revenues for FY22 at Rs. 1557.13 crores is up by 30 percent while EBITDA for FY22 at Rs. 146.98 cr. up 13%.
  • Annual FY22 profit before tax (PBT) is up by 29 percent at Rs. 126.70 crore and profit after tax (PAT) at Rs. 101.68 cr. up by 5 percent.
  • Quarterly Revenue (Q4’FY22) grows up to Rs. 371.46 cr. up 28 percent on quarterly basis with a EBIDTA of Rs.21.85 cr. and PBT of Rs.14.18 cr. and PAT of Rs.12.32 cr.
  • Revenue growth for the current year was led by Devices Business, which grew by 46 percent followed by API business which grew by 25 percent.
  • Got USFDA approval of the anti-allergy product Fexofenadine last quarter, for which shipments have started in USA market this quarter.
  • Annual Export Revenues for FY22 at Rs. 557.48 cr. are up by 17 percent YoY basis
  • Formulation and OTC revenues grew up by 28 percent and 24 percent respectively.
  • Promoters holding increased from 34.54 percent to 38.38 percent post conversion of 2.80 crore Warrants out of 7.00 crores warrants allotted last year
  • Got shareholders approval for conversion of Optionally Convertible Preference Shares (OCPS) of Rs. 114.65 crores issued the Banks to Equity shares; regulatory approvals awaited.

Mr. Sushil Suri, Chairman and Managing Director stated, “The company has been able to expand its market share and grown in all business segments and expects to increase its profitability parameters in the next few quarters once the supply disruptions are normalized, which have resulted in increased input costs. The company continues to invest in developing new markets and launch new products to reach to more and more customers”. Mr. Suri further added, “We have got shareholder’s approval for the conversion of Bank’s Preference shares into equity capital, which is underway, while we wait for the regulatory approvals. It will be a big milestone for the company, once the process is completed”

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Pharmaceuticals company Morepen Laboratories declares Q3FY22 result:

  • Morepen Labs Q3 Revenue up by 29% with 14% jump in Profit before Tax (PBT) 43% increase in API Export
  • Net Revenues for Q3 FY’ 22 at Rs. 399.19 crore were up by 29 per cent against Rs. 310.26 crore of revenues recorded in Q3 revenues FY’21.
  • EBITDA and Cash Profit for Q3 FY’22 went up by 7 per cent and 9 per cent at Rs. 34.81 crore and Rs. 34.07 crore, respectively.
  • Profit before Tax for Q3 FY’ 22 is up by 14 per cent at Rs. 27.14 crore.
  • Net Profit After Tax for Q3 FY’ 22 is down by 10 per cent at Rs. 21.52 crore.
  • Revenue growth for the current quarter was led by API Business, which grew by 41 per cent at Rs. 232.95 crore, followed by OTC and Formulation businesses which grew up by 46 percent and 23 percent respectively.
  • Export Revenues for Q3 FY’22 at Rs. 158.26 crore are up by 41 per cent. Domestic Revenues at Rs. 240.93 crore grew up by 22 per cent.
  • Diagnostic Devices business grew up by 7 per cent at Rs. 93.66 crore in Q3 FY’ 22. Sales of Blood Pressure Monitors was up by 39 per cent, whereas Blood Glucose Monitors revenue grew by 16 per cent.
  • Board approves allotment of Equity Capital of Rs.114.65 crore to Banks/FIIs and others by conversion of Preference Capital

Mr. Sushil Suri, Chairman and Managing Director stated, “Business is growing exponentially in all the segments and the company needs to put up additional capacities to serve the customers faster and also capture additional market share. We are working to augment the existing capital base to fund the upcoming growth”. Mr. Suri further added, “The conversion of Bank’s Preference shares, outstanding since many years, into Equity capital is a big milestone and we are thankful to all the Banks for granting their approval. This was the last leg of the CDR process and company will have no outstanding liability in terms of unredeemed preference capital.”

 

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Highlights:

  • Q2 FY22 Revenue at Rs. 398 crores jump by 17% against Q2’FY21 revenues of Rs. 340 crores
  • Profit Before Tax at Rs. 46.86 crores UP by 70% 
  • Net Profit After Tax at Rs. 37.36 crores UP by 38% 
  • Earnings per Share (EPS) - Basic for Q2 at Rs. 0.83 UP by 38% 
  • Domestic Revenues at Rs. 276.40 crores are UP by 30%. 
  • API Business made largest Revenue contribution of Rs. 201 crores to Q2 Revenues. 
  • Medical Devices Revenues for Q2 at Rs. 122.59 crores grew by 36% Quarter on Quarter basis 
  • Medical Devices Business is being placed in a separate wholly owned subsidiary.
  • EBITDA for Q2 FY22 at Rs. 44.88 crores is up by 26 percent YoY basis whereas Cash Profit (Before Tax) at Rs. 54.00 crores is up by 53 percent in the same period. 
  • Profit margin before tax has leaped by 368 bps from 8.09 percent to 11.77 percent in Q2 FY22 as against Q2 FY21
Mr. Sushil Suri, Chairman and Managing Director stated, “With massive increase in API demand globally and more particularly with frequent supply disruptions from China, we are putting our expansion plans for API on fast track. We have planned to treble the API capacity from present 310 KL to 1000KL in the coming 24 months at the same site in Baddi (HP) within the same plant and at the additional land adjoining the site for which all approvals are in place. We are very bullish on this expansion to capture this large spurt in demand APIs globally. The new capacities are also required to serve the new generic market opening up in the next 5-7 years”

 

 

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