Morepen Laboratories Ltd. today announced
the Q1 results for the financial year 2002-03. The Company
registered a growth of 12.8% in gross turnover at Rs.132.5
crores in the quarter ended June 30, 2002 as compared
to Rs.117.42 crores of corresponding quarter for the previous
year. Profit before tax has gone up by
10.08% at Rs. 17.13 crores vis-à-vis
Rs.15.56 crores for the corresponding quarter last year.
Profit after tax stood at Rs. 8.52 crores,
as against Rs.7.76 crores of corresponding quarter in
the previous year.
Rs. in crores
| Category |
Quarter ended June 2002 |
Quarter ended June 2001 |
| Gross revenue |
Rs. 132.50 |
Rs. 117.42 |
| Profit before Tax |
Rs. 17.13 |
Rs. 15.56 |
| Profit after Tax |
Rs. 8.52 |
Rs. 7.76 |
| EPS (Not annualized) |
Rs. 0.94 |
Rs. 0.86 |
In Global generics this quarter, the exports have grown
by 168.46 % as compared to the first quarter of year 2001-2002.
Morepen has also doubled its manufacturing capacities
of Loratadine to 24 tonnes in line with the estimated
forecasts. The countdown to the big rake - in on Loratadine
has begun as it goes off patent in USA by the year-end.
Morepen has already tied up with Geneva Pharma, the first
ANDA filer with Paragraph IV exclusivity to sell Loratadine
for first six months. Global generics
also has its sights firmly set at the US markets. Morepen
is working full steam on filing the ANDA'S for four products,
Pioglitazone, anti diabetic drug Atorvastatin,
a cholesterol lowering agent, Fexofenadine
and DesLoratadine which are both anti
histamines, in US Markets. Two of the above ANDA's are
expected to be filed in the current financial year. Morepen
already has an USFDA approval for manufacturing Loratadine
and is in process of filing the DMF's for the above-mentioned
molecules, for which the facilities have been built and
spruced up as per USFDA guidelines
Mr. Sushil Suri, Chairman & Managing Director
of Morepen said, " We have consolidated
our new businesses and given them the necessary impetus
to grow. The Indian market has accepted our new forays
very positively and we hope to take our initiatives with
equal momentum to international markets with global generics."
The April to June quarter has also seen branded
formulations growing at a fast pace at MAT growth
of 46.8%, which is much higher than that of the Pharmaceutical
Industry at 11.8%. Formulation division this quarter has
bettered its performance by 41.52% Vis -a - Vis corresponding
period last year. All new products Orvatin, Pentopen,
Acifix and Sultamax are also performing exceptionally
well and are already contributing approx. 17.22 % to the
top line of the division. Morepen became the first Indian
company to launch Lifelyte, a ready to
drink Oral rehydrate (Based on WHO formula), this quarter.
3H, a new movement initiated by Morepen
focuses on facilitation of patient care in this country.
3H stands for help healing and happiness, has recently
launched mobile dispensaries for the rural and slum areas.
Many more projects for making the medical Journey of the
patients easier are underway across the country supported
by the branded formulation division.
This quarter, Dr. Morepen expanded its
portfolio extensively, with acquisition of Lifespring,
the health and beauty chain and Lemolate,
the fifth largest brand in cough and cold segment. These
acquisitions in addition to Burnol have
added Rs.25 crores to the existing top line, which at
annualized basis is projected at approximately Rs.25 crores,
thus estimating Dr. Morepen to be a Rs. 50 crore brand.
The health basket of Dr. Morepen also strengthened considerably
this quarter with new products like C-sip and
Y.sugar, Dab gel, Lemolate
and the New Burnol being added to it
taking the total count of products to 10 in 25 SKUs. With
this Dr. Morepen has its product offerings in all respective
categories of this segment. The distribution network of
Dr Morepen has also expanded to every nook and corner
of the country with a 519 of stockists and 1, 80,000 retail
outlets already selling Dr. Morepen products. Dr. Morepen
range of products and its swiftly expanding distribution
network, Dr. Morepen is expected to break even in the
year 2003-2004.
During this quarter Diagnostics arm
of Morepen has shown a remarkable growth registering an
average sales of one crore per month. The division launched
two new brands this quarter HomeHealth" & "QuickChek".
HomeHealth, under the umbrella branding
of Dr. Morepen, focuses primarily on new generation self
care range of products that ease out stress and monitor
health constantly at home. Some of the products under
the Home Health banner are BP monitors, Heat Pads, Body
Fat Scales, Digital weighing machines etc. Quickchek
on other hand would operate in the area of clinical tests
for "Rapid" and "Point of care" diagnostic
assays will include products like pregnancy test, hepatitis
test, AIDS test and ovulation test. A rapid malaria test
kit called OptiMAL-IT, which detects
malaria in 15 minutes, was also launched in this quarter.
Optimal IT, which is available in single pack, would prove
to be a boon to doctors, who can now diagnose Malaria
at their clinics instantly instead of waiting for Lab
reports.
Back to the Press Releases
Home Page
