Morepen Labs reports 143% surge in profit during FY24

New Delhi: Morepen Laboratories recorded a gross revenue of Rs 427 crores in Q4 FY24, reflecting a 16.5% increase from Rs 367 crores in Q4 FY23. The annual revenue for FY24 stood at Rs 1704 crores, marking a notable 20% rise compared to Rs 1424 crores in FY23.

The company witnessed a remarkable surge in EBITDA and net profits, with EBITDA for Q4 FY24 surging by 182% to Rs 52.62 crores from Rs 18.68 crores in the same quarter last year. 

For the full fiscal year, EBITDA more than doubled, achieving Rs 172.60 crores, up 101% from Rs 85.67 crores in FY23. Profit Before Tax (PBT) for Q4 FY24 was Rs 42.20 crores, a substantial increase of 279% from Rs 11.14 crores in Q4 FY23, and annually, PBT grew by 143% to Rs 135.42 crores from Rs 55.76 crores in FY23. 

Similarly, Profit After Tax (PAT) for Q4 FY24 stood at Rs 28.74 crores, showing a growth of 249% compared to Rs 8.24 crores in the same period last year. On an annual basis, PAT increased by 150% to Rs 96.62 crores from Rs 38.68 crores in FY23. The earnings per share (EPS) jumped from Rs 0.77 to Rs 1.88 for FY24, indicating a promising start to the journey ahead.

In the business highlights, Morepen Laboratories has strengthened its position as a leading player in Home Diagnostics and point-of-care Medical Devices and APIs, exporting to 80 countries. The company has remained debt-free and continues to be a category leader in both segments. Sales of Dr. Morepen Medical Devices soared by 35%, with revenue reaching Rs 443 crores in FY24, recording a substantial growth of 35% from a base of Rs 323 crores. The company’s API segment continues to lead the market, clocking Rs 940 crores revenue in Q4 FY24, registering a growth of 25%, and 14% for FY24.

Sushil Suri, Chairman and Managing Director of Morepen Laboratories, expressed, “We are excited with the robust performance across all segments. Our strategic investments in the medical devices and API businesses have yielded excellent results, and we are confident of sustaining this momentum. The future looks promising as we continue to increase capacities and expand our market reach.”

Looking ahead, Morepen Laboratories remains focused on maintaining growth by leveraging its strengths in medical devices and APIs. The company plans to invest further in research and development to introduce innovative products and expand its global presence.