Morepen Laboratories Ltd. has posted an increase of 25.84%.
in net profit in the second quarter of the year 2002 -
2003 vis-à-vis corresponding quarter last year.
The company's gross revenue went up by 24.3% to reach
Rs. 148.15 crores from Rs. 119.17crores in the corresponding
period of 2001 -2002. The exports of the company zoomed
up 69.66% at Rs.26.51 crores as compared to last quarter.
| Category |
Quarter ended September 30,
2002
(in Rs. Crores) |
Quarter ended
September 30, 2001
(in Rs. Crores) |
% Increase |
| Net sales |
148.15 |
119.17 |
24.3% |
| Exports |
26.51 |
15.63 |
69.66% |
| PBT |
23.50 |
21.28 |
|
| PAT |
16.75 |
13.31 |
25.8% |
EPS for quarter
(On Rs.2/- face value) |
1.89* |
1.31* |
|
* Not Annualised
Speaking on this occasion Mr. Sushil Suri, CMD
Morepen Labs said, " Morepen today is a
fully integrated Pharma company, with major emphasis being
on the generic exports and new initiatives of FMHG (fast
moving health goods) and Diagnostics that offer processes
and products of international quality."
On the global generics front, The first
half of the year has seen the exports of generics grow
rapidly by 115% at Rs. 56.82
crores as compared to the first six months of
last year. The total export in the year 2001-2002 was
at Rs. 62.78 crores This major high is due to the contribution
coming from Loratadine, Sultamicillin
and Atorvastatin. Morepen is all set to reap the fruits
of Loratadine. The company has already received supply
orders for Loratadine from the international clients and
would start shipping by the end of this month. Loratadine
goes off patent in USA on 19th December 2002. Loratadine
is also expected to go OTC in global markets soon, a final
decision for which is expected by 28th of November which
would further increase the demand of the product.
Another major achievement this quarter has been the filing
of the international process Patent for the polymorph
form of Atorvastatin Calcium in addition to the patent
of amorphous form of the drug already filed by Morepen.
This cholesterol-lowering drug is the third largest drug
world over. The new drugs Pioglitazone, an antidiabetic
and Gatifloxacin, an antibacterial developed by non infringing
process at R&D center at Morepen were also very well
acknowledged by international community at CPhI 2002 at
Paris, where they were showcased this year. Keeping a
firm eye on US generic market, MorepenMax Inc.,
is all set to file its own ANDA's by the end of this fiscal
year and the separate production at Morepen Village, Baddi,
have been dedicated for the manufacture of the dosage
form for US market. Morepen is also all set to file DMF's
for some of its key products to US Canadian and Western
European Health authorities.
The Branded Formulations also saw a
major upsurge as Morepen has became the fastest growing
company in the top 100 companies in branded formulations
for two consecutive months of July and August 2002 with
August MAT growth rate of 51% (source: ORG August 2002).
Its brands like Saltumax, Acifix and Saltum, grew at the
rate of 140.8%, 144.9% and 25.2% in this quarter respectively
as compared to the corresponding quarter last year. The
company's brand wagon zoomed up the pharma arena with
its blue chip brands DOM-DT, Saltum & Claridin growing
at an exponential rate as compared to the category itself.
Dom-DT, an Anti-Emetic and prokinetic dispersible tablet
has become the no. 2 brand in its category. Saltum, an
antibiotic is at no. 1 position in its category and is
available in tablets and injectable forms. The products
Orvastin, Pentopen, & Lifelyte,
a ready to drink oral rehydrate launched recently have
contributed 7.11 % to the total sales of the unit. The
division today reaches out to more than 50000 doctors
and an equal no. of chemists through its all India network.
During this quarter the Diagnostics
business of Morepen has also shown a remarkable growth,
showing an upward trend of 82.88% at Rs.2.88 crores vis-à-vis
the corresponding quarter last year. Morepen Labs launched
a range of self-monitoring health care products branded
as HomeHealth. The brand was launched keeping in view
the modern day life style, which is very hectic, demanding,
and full of pressures. One needs to constantly monitor
and ease the physical stress on a regular basis with the
HomeHealth Products like Body & Foot
Massagers, Heating pads etc. Blood Pressure Monitors,
Glucometers, Weighing and Body Fat scales. Another brand
"QuickChek" was also launched
recently for Rapid and point of care diagnostic assay
with products like Pregnancy test, Hepatitis test, AIDS
test, Ovulation test etc.
In the FMHG sector, this quarter saw Dr.Morepen
extended its operation to neighbouring shores of Bangladesh
and Nepal. The first 6 months sales grew by 418% as compared
to first six months of 2001. Dr. Morepen further expanded
its product portfolio this quarter with the launch of
Y-Sugar, low calorie sweetener and a redressed version
of Burnol. Burnol has already crossed the total turnover
of the financial year 2001-2002 in the first seven months
of the current financial year. Lemolate, The cough &
cold brand will also be seen on shelfs this month to catch
the winter season. The launch of Dab Gel and Dab Tab also
made Dr Morepen India's first and only company to have
a complete range of antacids in powder, gel and tablet
form. Dr. Morepen Lifespring stores also
celebrated its second anniversary with great pomp and
show this quarter attracting major footfalls that resulted
in increased sales. An applaudable performance by the
total range of Dr. Morepen self health products and retail
performance of Lifespring has already taken the turnover
of the brand to Rs. 50 crores on annualized basis and
it is still aspiring for more by adding new exciting products
to its basket.
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