Drug firm Morepen Laboratories on Monday reported over two-fold jump in its consolidated net profit at Rs 19.36 crore for the quarter ended June 30, 2020, mainly on account of robust sales in active pharmaceutical ingredient (API) segment. The company had posted a net profit of Rs 7.65 crore in the corresponding period of previous fiscal, Morepen Laboratories said in a filing to the BSE.
Consolidated total revenue stood at Rs 258.97 crore during the quarter under review. It was at Rs 203.26 crore in the same period a year ago, it added.
"API business of the company is doing exceedingly well and is gaining greater traction in the international markets, thanks to the highest standards of quality maintained by the company for the latest innovative products," Morepen Laboratories Chairman and MD Sushil Suri said.
API sales revenue during the quarter grew by 44 percent to Rs 162.06 crore, the filing said.
The company's board has approved an expansion plan involving outlay of Rs 178 crore. This would substantially add to the company's API manufacturing capacity.
The expansion plan has already been cleared by Himachal state government under a single window clearance scheme, it added.Shares of Morepen Laboratories on Monday closed 2.39 percent higher at Rs 27.80 per scrip on the BSE.