Shares of Morepen Laboratories jumped 15 percent on Tuesday after the company reported a 125 percent rise in its standalone net profit at Rs 9.2 crore for the quarter ended March, 2019. Morepen Labs shares surged as much as 14.88 percent to Rs 23.15 per share intraday on the NSE. At 09:50 AM, the stock surged 12.41 percent at Rs 22.65 per share on the NSE while in comparison, NSE Nifty50 was trading at 11,619.05, up by 0.18 percent.

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The pharma company’s revenue increased 31 percent to Rs 207 crore while its net profit was at Rs 9.22 crore in Q4FY19. Its API sales revenue grew 34 percent at Rs 125 crore and formulation sales revenue increased by 30 percent at Rs 49 crore.

In its media release, the company stated, “Morepen Labs had peak outstanding debt of Rs. 750.00 crores with multiple banks in FY05 which was restructured through CDR Scheme of RBI in 2006 with an upfront payment of OTS amount of Rs. 150.00 crores. All the Loans have been fully serviced from internal cash accruals and there is no outstanding loan dues as on 31.03.19.”

“After clearing all the dues, the company is now debt-free, and is now posied for next phase of growth and stability,” said Chairman and Managing Director Sushil Suri adding all loans were serviced from internal cash accruals.

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