Morepen Laboratories reports gross revenue of Rs 427cr in Q4 FY 2023-24

Morepen Laboratories Limited (NSE: MOREPENLAB, BSE: 500288), a prominent figure in the Medical Devices and Active Pharmaceutical Ingredients (API) sectors, has announced stellar financial results for the fiscal year 2023-24, marking its 40th year of operations. Demonstrating significant growth across its business segments, Morepen has emerged stronger in both the domestic and international markets.

Morepen Laboratories Financial Performance Highlights

Morepen Laboratories experienced remarkable financial growth in the fourth quarter of FY 2023-24, with gross revenue reaching INR 427 crores, up 16.5% from INR 367 crores in the corresponding quarter of the previous year. The annual revenue for FY 2023-24 stood at an impressive INR 1704 crores, reflecting a 20% increase from INR 1424 crores in FY 2022-23.

The company’s EBITDA surged by 182% in the fourth quarter to INR 52.62 crores, up from INR 18.68 crores a year ago. The Profit Before Tax (PBT) for the quarter was INR 42.20 crores, a substantial 279% increase from INR 11.14 crores in Q4 FY23. Similarly, Profit After Tax (PAT) for the same period grew by 249% to INR 28.74 crores.

For the entire fiscal year, the EBITDA more than doubled to INR 172.60 crores, and the annual PBT and PAT increased by 143% and 150% respectively, signaling strong profitability and operational efficiency.

Strategic Business Insights

Under the leadership of Mr. Sushil Suri, Chairman and Managing Director, Morepen Laboratories has fortified its market position, particularly in Home Diagnostics and point of care Medical Devices. The company remains debt-free and continues to lead in its category, exporting to over 80 countries.

The Medical Devices segment, prominently featuring Blood Glucometers and Blood Pressure Monitors under the Dr. Morepen brand, saw a revenue of INR 443 crore in FY24, up 35% from the previous year. The growth in Glucometer and BP Monitor sales, which contribute over 95% of the segment’s revenue, was notably robust.

In the API sector, Morepen leads with high-value products like Loratadine and Montelukast, achieving INR 940 crores in revenue, a 25% increase in Q4 FY24. The company has also made significant inroads into highly regulated markets such as the US, where it saw a 32% increase in exports.

Future Outlook and Innovations

As Morepen Laboratories continues to invest in research and development, particularly in medical devices, it has enhanced its manufacturing capabilities to support scale and cost-efficiency. The company’s backward integration efforts have been particularly successful, allowing for greater control over the supply chain and cost management.

Morepen’s commitment to quality and customer satisfaction remains a cornerstone of its strategy, with over 60% of its API business deriving from long-standing client relationships.

Morepen Laboratories’ impressive fiscal performance is a testament to its strategic focus on innovation, quality, and market expansion. The company’s robust growth in both revenues and profits underscores its effectiveness in leveraging technological advancements and market opportunities to stay ahead in the competitive pharmaceutical and medical devices industries.