Morepen Laboratories' Profit Dip Despite Revenue Growth

Morepen Laboratories reported a 31% decline in net profit for the March quarter year-on-year, alongside an increase in total income. The board approved a dividend and plans for a subsidiary in Dubai to expand business operations. Shares rose 7.38% on BSE.

In a regulatory filing, Morepen Laboratories announced a 31% year-on-year decrease in consolidated net profit, amounting to Rs 20 crore for the March quarter. This contrasts with a net profit of Rs 29 crore from the same period last fiscal year.

Despite the dip in profits, the company's total income saw an increase, reaching Rs 470 crore compared to Rs 427 crore in the prior year. Over the last fiscal, net profit rose to Rs 118 crore from Rs 97 crore, with total income growing to Rs 1,830 crore from Rs 1,704 crore.

The board has sanctioned a final dividend of Rs 0.20 per share. Additionally, approval was granted for Morepen Medipath Ltd., to set up a subsidiary in Dubai, aimed at boosting business segments and enhancing the medical device market. Subsequently, Morepen's shares surged 7.38% on the BSE.

(With inputs from agencies.)