Morepen Laboratories posts 25% rise in its net profit in FY 2017-18

Morepen Laboratories has reported a 25 per cent rise in its consolidated net profit at ₹ 29.59 crore for the financial year 2017-18. The net profit in the previous financial year i.e. FY 2016-17 stood at ₹ 23.63 crore. The consolidated net sales revenue for the whole year stood at ₹ 598 crore registering a marginal increase of 1.9 per cent over previous year’s sales of ₹ 586.41 crore.

During FY 2017-18, domestic sales were up by 21.3 per cent at ₹ 414 crore and export sales were down by 25 per cent at ₹ 183.66 crore. EBIDTA in FY 2017-18 increased by around 5 per cent at ₹ 68.45 crore, annual interest cost fell by 43 per cent at ₹ 4.36 crore and cash profit increased by around 11 per cent at ₹ 64.09 crore. The company aims to become a zero debt company by June-July’ 2018. Blood Pressure Monitors and Blood Glucose Monitors recorded highest growth on annual basis @ 75 per cent and 38 per cent respectively. The combined sales revenue of Blood Glucose Monitors and Blood Pressure Monitors in FY 2017-18 increased to ₹ 86.57 crore as compared to ₹ 59.26 crore in the previous fiscal, registering a growth of 46 per cent. The company has touched a base of two million installations of Glucometers in FY 2017-18 and sold 68 million strips during the year against 48 millions of last year.

This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories , after the Q4 and FY 2017-18 results board meeting in New Delhi recently.

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