Post Q4 announcement, Morepen, on Tuesday's trading session, gave away early gains. At around 1.49 pm, the stock was performing at Rs28.40 per piece, down by 4.70%. The stock had opened at an intraday high of Rs31.80 per piece on Sensex.
Consolidated domestic sales revenue in Q4 rose by 3.43% yoy to Rs122.55cr, on the other hand, export sales revenue fell by 16.35% yoy to Rs80.64cr in the same period.
Further, Morepen highlighted "API business exports got a hit in the last two weeks of March due to Covid-19 lockdown situation which was compensated by excellent sales performance in April and May 2020. API business was down by 9.79% in Q4 FY 19-20 compared to the corresponding quarter of the last fiscal. Home diagnostics business was not impacted by lockdown in March and registered exemplary growth of 43.79% with Blood Glucose Monitors'sale recording a jump of 78% in this tough situation in Q-4 FY 19-20".
Here's the key highlight for FY20 performance:
- PAT was up by 16.43% at Rs33.58cr in FY20.
- Revenue was higher at Rs862.55cr in the fiscal from Rs772.21cr in FY19. This growth was mainly on account of consistent growth in sales of Bulk Drugs (APIs), Diagnostic Devices and OTC products during the financial year.
- Domestic sales revenue for FY20 went up by 11.75% at Rs496.36cr. In the domestic market, the best performance came from Atorvastatin with 94% growth.
- In the fiscal, Morepen launched a wide range of non-contact infrared thermometers, oximeters, hand sanitisers, hand rubs, hand wash, anti-bacterial spray, antibacterial soap, disinfectant solutions, face masks, gloves, Vitamin- C gummies for kids, Multivitamins, Chyawanprash and curcumin tablets to fight Covid-19 at ground level.
In a meeting held on Monday, the company's board has approved the incorporation of two wholly-owned subsidiaries to focus on Finished Dosages business and its new initiatives of online business in the Health & Beauty Segment.