Morepen Labs clocks double digit growth in its sales and net profit in FY 2019-20
Bhubaneswar : Morepen Laboratories Ltd. has reported a 16.43 per cent rise in its Net Profit (Consolidated) at Rs. 33.58 crore. Net Consolidated Revenue during the year rose by 11.7 per cent at Rs. 862.55 crore.The company’s net profit was Rs. 28.84 crore on a net revenue of Rs. 772.21 crore in the previous fiscal. The EBIDTA (Consolidated) for FY 2019-20 rose by 9.6 per cent at Rs. 78 crore and the Cash Profit (Consolidated) by 10 per cent at Rs. 76.02 crore. Consolidated Profit before Tax (PBT) recorded extraordinary growth by 34 per cent at Rs. 39.11 crore, up from Rs. 29.18 crore in the previous fiscal.
This was disclosed by Mr. Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., after the Q4 and annual FY 2019-20 results’ board meeting here on Monday.“The Company has achieved good growth and smoothly sailed through the difficult business challenges posed by the Novel Corona Virus Disease globally. Impact of COVID-19 and the subsequent lockdown in the entire country has been mitigated by the company to a large extent by its timely launch of various new products in the personal hygiene and protection segment.”
The company’s OTC products division has launched a wide range of personal hygiene and Covid protection products like non-contact infrared thermometers, oximeters, hand sanitizers (both in gel and rub form), anti-bacterial hand wash, anti-bacterial spray, anti-bacterial soap, disinfectant solutions, N-95 and 3-ply face masks, Nitrile gloves, Vitamin-C gummies for kids, multivitamins, chyawanprash and curcumin tablets to fight Covid-19 at ground level and empower its customers to stay safe. Morepen has launched its hand sanitizers as per WHO formula in various pack sizes starting from 100 ML and goes upto 5 Litres bulk pack. Company’s anti-bacterial disinfectant solutions and sprays are aimed at washing, cleaning and disinfecting any type of small and large surfaces, Mr. Suri stated.
The Board today has also approved incorporation of two wholly owned subsidiaries to focus on Finished Dosages business and its new initiatives of online business in the Health & Beauty Segment. In the last Board meeting held on 14.02.20, the Board had approved formation of a similar wholly owned subsidiary for its Diagnostic business also.