Morepen Laboratories has posted satisfactory financial performance due to focus on API markets and better efficiency in all business segments. Its net profit increased by 60.4 per cent to Rs.4.01 crore during first quarter ended June 2016 from Rs.2.50 crore in the corresponding period mainly due to nil tax provision in current quarter. Its net sales increased by 17.6 per cent to Rs.116.72 crore from Rs.99.27 crore. EPS worked out to Rs.0.09 as against Rs.0.05 in the last period. The other operating income declined to Rs.1.72 crore from Rs.4.28 core and its employees cost increased to Rs.13.11 crore from Rs.12.16 crore.

Sushil Suri, chairman and managing director, said, “Having witnessed a remarkable turnaround in the previous fiscal, the company is now all set to achieve newer milestones by launch of new products and greater investments in R&D in the years ahead.”

Its exports grew by 15 per cent and the net domestic sales by 20 per cent. While the exports turnover increased from Rs.45.88 crore to Rs.52.81 crore, the net domestic sales went up from Rs.53.40 crore to Rs.63.91 crore. The bulk drugs (API) business continues to be the top contributor to the company's top line, accounting for over 65 per cent in the total turnover for the quarter. Within the API business, the sales of anti-asthmatic bulk drug Montelukast alone registered a growth of 64 per cent in Q1 to Rs.21.36 crore whereas Rosuvastatin, a statin drug, grew up by 111 per cent. The total bulk drugs sales stood at Rs.75.25 crore as compared to Rs.60.39 crore in the last period, a growth of 25 per cent.

The sale of Glucometers increased by 42 per cent to Rs.10.69 crore and that of BP monitors increased by 62 per cent to Rs.3.08 crore. The company is targeting to touch a base of one million installations of Glucometers this year and sell 3-5 million strips every month.

Dr Morepen's Burnol and Lemolate excelled in the OTC segment by registering a growth of 80 per cent and 57 per cent respectively in their first quarterly sales in FY2016-17. Total sales from OTC products went up by 61 per cent to Rs.11.92 crore from Rs.7.40 crore. The “Dr Morepen” brand portfolio has recorded sales revenue of Rs.50.38 crore against revenue of Rs.40.32 crore.

Morepen's net sales for the full year ended March 2016 stood at Rs.436.69 crore and its net profit touched to Rs.15.78 crore with EPS of Rs.0.35.