The company declared that with the latest surge in profits, it has now officially become debt free
Drug firm Morepen Laboratories has reported a 54 per cent rise in its consolidated net profit at Rs 10.49 crore for the quarter which ended in March 31, 2019, as the company also cleared all its loans to become debt free.
The firm had posted a net profit after minority interest of Rs 6.81 crore for the corresponding period of the previous fiscal, Morepen Laboratories said in a filing to BSE. Consolidated total revenue of the company also rose to Rs 219.74 crore for the quarter under consideration as against Rs 171.75 crore for the same period a year ago.
For the fiscal year which ended in March this year, the company posted a net profit of Rs 28.84 crore as against Rs 29.59 crore for the previous fiscal year. Consolidated total revenue of the company stood at Rs 772.21 crore for the fiscal year closed in March 2019. It was Rs 610.23 crore for the previous fiscal year.
“Having cleared all the outstanding debt of various banks, the company now enjoys the status of a debt free company and is now poised for next phase of growth and stability,” Morepen Laboratories Chairman and MD, Sushil Suri said.
Shares of Morepen Laboratories were trading at Rs 20.15 per scrip on BSE, up 19.94 per cent from its previous close.