Morepen Laboratories Q1 profit jumps 57 pc to Rs 30.47 cr

Drug firm Morepen Laboratories on Tuesday reported a 57 percent increase in its consolidated net profit at Rs 30.47 crore for the quarter ended June 30, 2021, helped by higher revenue.

The company had posted a net profit of Rs 19.37 crore for the corresponding period in the previous financial year.

Its net revenue stood at Rs 388.31 crore in the quarter under consideration, up 50 percent against Rs 258.97 crore a year ago, Morepen Laboratories said in a regulatory filing.

The company has tied with The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, for the expansion of production of Sputnik V vaccine in an exclusive facility in Himachal Pradesh.

''The first six batches are being shipped to the Gamaleya Center, Moscow, for quality approval. We are all set to start the commercial production within 4-6 weeks subject to product approvals and regulatory permissions,'' the company said.

Shares of Morepen Laboratories were trading 4.80 percent higher at Rs 69.90 apiece on BSE.