This small-cap pharma stock hits 52-week high; check details

Shares of Morepen Laboratories, a small-cap pharmaceutical company, surged as much as 17.41% to ₹71.50 apiece on the BSE on Monday, August 19. The company released its June quarter numbers last week. 

The company's all-time high level stands at ₹234, which was touched on March 30, 2000.

For the quarter under review, the company reported a 14% year-on-year (YoY) rise in revenue to ₹458.64 crore, up from ₹403.46 crore logged in Q1 FY24, while EBITDA, or earnings before interest, taxes, depreciation, and amortisation, nearly doubled, rising 93% to ₹55.05 crore compared to ₹28.51 crore in the same quarter last year.

The company's profit after tax (PAT) or net profit surged 147% to ₹36.17 crore, against ₹14.63 crore registered in the corresponding quarter of the previous fiscal.

Earnings per share (EPS) for the first quarter of the current fiscal stood at ₹0.71, marking a 147% increase from ₹0.29 in Q1 FY24, as per the company's press release. 

Marquee global investors like Bank of America Securities Europe (BOFA), Samsung India, Citigroup, Societe Generale, Nomura, BNP Paribas, Morgan Stanley, and Eminence were some of the select names that partnered with Morepen.

Commenting on Q1 performance, Sushil Suri, Chairman and Managing Director, said, "We at Morepen, and India as a country, are at the inflection point of an expanding medical devices market unfolding with a new vision for India to become the manufacturing hub for medical devices."

Suri added, "The Indian medical device market is estimated to grow 4.5 times to $50 billion by 2030 from the current size of $11 billion and is expected to reach $250 billion by 2047, as per Invest India estimates. We are preparing to gain a major market share in the point-of-care medical devices sector.”