Any current/future new fundraising through debt or equity?

Morepen Laboratories is evaluating ways to unlock value and raise capital for different divisions, including Medical Devices and API businesses. The Medical Devices division plans to raise fresh capital, possibly through separate investment bankers; timing for any public issue or IPO is undecided and currently kept confidential. The API business has large expansion plans involving capacity increase but financial closure for this expansion has not yet been done; internal accruals are currently funding growth and working capital. There was a prior discussion with Corinth regarding funding, but t

Any current/future capex/capital investment/strategic investment?

API capacity expansion: Current 310 KL capacity being increased to 1,000 KL within 24 months at the existing site, with plans to further scale up to 5,000 KL requiring additional land nearby (pending financial closure). Medical Devices: Setting up a new plant on an allocated 60-acre parcel; the division will operate independently and may seek fresh capital through investment bankers. ANDA Facility: Setting up own facility in Baddi for ANDA filings focused on global markets; hiring underway, pilot work continuing, first ANDA filing expected in 9-12 months. Preference Share Conversion: App

Future growth expectations in sales/revenue/volumes?

Morepen Laboratories is projecting continued strong growth with expected revenues surpassing Rs.1,500-1,600 crores for the full year, based on H1 performance of Rs. 788 crores. The company reports a consistent CAGR of 25% in revenues over years, maintaining 31% growth in the first half of the current year. Business segments like Medical Devices and finished dosages are rapidly growing; medical devices division grew 36% in the latest quarter, and finished dosages bounced back with 28% growth. Positive growth in API business (9% current year growth), with capacity expansion plans underway to mee

Future growth expectations in earnings/operating earnings/profits/EPS?

Earnings have shown strong growth: 70% increase in profit before tax (Rs.27 crores to Rs.46.86 crores) and 38% growth in profit after tax. EPS increased by 30%, with quarterly EPS at Rs.0.83, potentially annualizing to Rs.3.20–3.30. EBITDA margins have steadily improved from 8% (Q2 FY19-20) to 11.28%, a near 3% rise, translating to increased profitability. EBITDA grew by 26%, and cash profit before tax increased by 53%. Profit before tax in recent quarters is almost five times higher than two years ago, indicating consistent growth. API capacity expansion plans (310 KL to 1,000 KL in 24 months

Morepen Laboratories LtdQ2 FY22Pharmaceuticals & Biotechnology

Morepen Laboratories Ltd Q2 FY22 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹119P/E: 56.2Market Cap: ₹6.6K CrSector: Pharmaceuticals & Biotechnology

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Morepen Laboratories is projecting continued strong growth with expected revenues surpassing Rs.1,500-1,600 crores for the full year, based on H1 performance of Rs. 788 crores.
The company reports a consistent CAGR of 25% in revenues over years, maintaining 31% growth in the first half of the current year.
Business segments like Medical Devices and finished dosages are rapidly growing; medical devices division grew 36% in the latest quarter, and finished dosages bounced back with 28% growth.
Positive growth in API business (9% current year growth), with capacity expansion plans underway to meet growing demand.
Dr. Morepen OTC brand has grown 22% and online sales for grooming and lifestyle products have surged, e.g., grooming products up 51% and online product sales up 243%.
Glucometers and BP monitors show robust growth (45% and 44% quarterly growth respectively), with increasing installed customer base driving recurring strip sales.
Overall, Morepen expects sustainable double-digit volume and revenue growth across segments.

Margin guidance

Category 2

Earnings have shown strong growth: 70% increase in profit before tax (Rs.27 crores to Rs.46.86 crores) and 38% growth in profit after tax.
EPS increased by 30%, with quarterly EPS at Rs.0.83, potentially annualizing to Rs.3.20–3.30.
EBITDA margins have steadily improved from 8% (Q2 FY19-20) to 11.28%, a near 3% rise, translating to increased profitability.
EBITDA grew by 26%, and cash profit before tax increased by 53%.
Profit before tax in recent quarters is almost five times higher than two years ago, indicating consistent growth.
API capacity expansion plans (310 KL to 1,000 KL in 24 months, eventual target of 5,000 KL) expected to boost future earnings.
Medical Devices division growing rapidly (36% quarterly, 88% H1 growth) with plans for independent operation and future capital infusion.
OTC and brand Dr. Morepen have strong growth momentum supporting profitability.
Overall growth trajectory sustained with a 17% revenue increase and 26% EBITDA growth this quarter.

See what Morepen Laboratories Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Morepen Laboratories is evaluating ways to unlock value and raise capital for different divisions, including Medical Devices and API businesses.
The Medical Devices division plans to raise fresh capital, possibly through separate investment bankers; timing for any public issue or IPO is undecided and currently kept confidential.
The API business has large expansion plans involving capacity increase but financial closure for this expansion has not yet been done; internal accruals are currently funding growth and working capital.
There was a prior discussion with Corinth regarding funding, but that deal was declined; potential further discussions might happen with Corinth’s unlisted companies, not the main listed entity.
Banks are showing positive responses for converting pending preference shares into equity (around 1-2% of equity) without cash outflow, subject to approvals.
Overall, fundraising is under consideration but no firm finalized plans or timelines for new equity or debt issuance have been announced.

Order book

Yes

The transcript on page 17 does not specifically mention current or expected orderbook or pending orders for Morepen Laboratories Limited. However, relevant insights from the call include: - The company is experiencing strong growth in various segments, including 45% growth in glucometers and 44% in BP monitors. - Medical Devices business is growing rapidly (88% in H1 FY22), with plans to expand capacity before exporting internationally. - API business is focused on products going off-patent, targeting cardiac and diabetic segments. - Finished Dosage segment recovered with 28-29% growth. - R&D investment increased by 43%, supporting pipelines in API and ANDA filings. - Some expansion and capacity increases are underway, but no explicit orderbook or pending order figures were disclosed. No concrete orderbook or pending order numbers were disclosed in this transcript.

See what Morepen Laboratories Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

API capacity expansion: Current 310 KL capacity being increased to 1,000 KL within 24 months at the existing site, with plans to further scale up to 5,000 KL requiring additional land nearby (pending financial closure).
Medical Devices: Setting up a new plant on an allocated 60-acre parcel; the division will operate independently and may seek fresh capital through investment bankers.
ANDA Facility: Setting up own facility in Baddi for ANDA filings focused on global markets; hiring underway, pilot work continuing, first ANDA filing expected in 9-12 months.
Preference Share Conversion: Approx. 58% banker consent received to convert preference shares into equity (no cash outflow), expected before year-end.
Divisional Structuring: Exploring independent structures and potential capital raising for Devices, API, and Finished Dosages businesses.
Vaccine Fill-and-Finish: Facilities approved; awaiting government inspection and license for possible scaling based on partner vaccine production.

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