Morepen Laboratories to raise over ₹200 crore through QIP

The company reported that the QIP issue will have a floor price of ₹57.23 per equity share. In March 2024, the company passed a special resolution to approve raising capital of up to ₹350 crore through QIP. The resolution also stated that the company may offer a discount of not more than 5% of the floor price of the issue.

The issue was approved and opened on August 1, 2024. The floor price of the issue is at a discount of 7.52% from the current market price of the company’s shares.

In the fourth quarter of FY24, Morepen Laboratories reported a 249% year-on-year (YoY) rise in net profit to ₹28.74 crore. The company’s gross revenue grew 16.5% YoY to ₹427 crore while the earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 182% YoY to ₹52.62 crore.

In Q4FY24, the company’s EBITDA margin expanded to 12.31% from 5.09% in the corresponding period last year. Meanwhile, the net profit margin grew to 6.73% from 2.25%.

For the financial year ended March 31, 2024, the company’s net profit surged 150% YoY to ₹96.62 crore while the gross revenues saw an uptick of 20% YoY to ₹1,704 crore. The EBITDA for the year more than doubled as it grew 101% YoY to ₹172.60 crore.

In FY24, the EBITDA margin came in higher at 10.13% compared to 6.02% in the previous year while the net profit margin expanded to 5.67% from 2.72% last year.

Shares of the company have risen by nearly 26% since the beginning of the year. The stock has gained over 106% in the past year.