New Delhi [India], February 12 (ANI/NewsVoir): Morepen Laboratories Ltd. is eyeing an all-new multi-billion dollar global API (Active Pharmaceutical Ingredients) market with the addition of new molecules in its bulk drugs portfolio. The focus areas of these new molecules include chronic and lifestyle diseases like anti-diabetic, anti-hypertensive, cholesterol reducers and neuro-psychiatric. Global patent expiry for these new molecules is slated in next 5-6 years. These new molecules are currently under development and would come into play in phases over the next 24 to 36 months.
Quarterly performance at a glance
Results Highlights: Q3’FY 2020-21 (Consolidated)
Net Profit After Tax for Q3’FY 2020-21 has grown by 120 per cent at Rs 23.79 crore on account of better margin realization during the quarter.
Net Revenue for Q3’FY 2020-21 stood at Rs 310.26 crore as against Rs 234.66 crore for Q3’FY2019-20, registering a rise of 32 per cent. This rise was mainly on account of consistent growth in sales of Bulk Drugs (APIs) and a significant growth in sales of diagnostic devices during the quarter.
The growth was led by API Business with 25 per cent rise at Rs 165.03 crore in Q3’FY 2020-21.
EBIDTA and Cash profit for Q3’FY 2020-21 went up by 64 per cent and 62 per cent at Rs 32.63 crore and Rs 31.37 crore, respectively.
Export Sales Revenue for Q3’FY 2020-21 jumped up by 25 per cent at Rs 112.06 crore. Domestic Sales Revenue grew by 37 per cent at Rs 198.21 crores during the quarter.
Diagnostic Devices’ business grew by an extraordinary 104 per cent at Rs 87.58 crore, contributing 28 per cent to the company’s top line for the quarter. Sales of Blood Pressure Monitors increased by 210 per cent during the quarter and that of Blood Glucose Monitors by 99 per cent.
OTC Business Sales Revenue grew by 4 percent at Rs 18.40 crore in Q3’FY 2020-21.
This was disclosed by Sushil Suri, Chairman and Managing Director, Morepen Laboratories Ltd., After the Q3’FY 2020-21 results’ board meeting here on Friday. The company is gearing fast to strengthen its portfolio with a strong pipeline of products in all the aforesaid focus areas, to be launched over the next three to four years in both domestic as well as international markets. The company is investing heavily in its R&D and in building new product blocks while simultaneously creating additional capacities to facilitate production of these new molecules, he said.
“Enthused by the Government’s push in the recent Union Budget for increased investment in R&D and other infrastructure development in the pharmaceutical and healthcare sector, the Baddi based API giant, has chalked out a long term backward and forward integration programme that would see a consistent rise in its sales and profitability on a year-on-year basis,” Suri added.
Better margin realization has helped Morepen Labs in reporting a rise of 120 per cent in its Net Profit after Tax (Consolidated) at Rs 23.79 crore in Q3’FY 2020-21. Net profit for the nine months period ended December 31st 2020 stood at Rs 70.33 crore, registering a rise of 212 per cent against the corresponding period of the previous financial year. The nine months Earning Per Share (EPS) stood at Rs 1.56 as against Rs 0.50 in the corresponding period of the previous fiscal.
Net Revenue (Consolidated) rose by 32 per cent at Rs 310.26 crore in Q3’FY 2020-21 and by 39 per cent at Rs 909.36 crore in the nine months period ended December 31st 2020, mainly on account of a consistent growth in sales of Bulk Drugs (APIs) and a significant growth in the sales of Diagnostic Devices during the last two quarters of FY 2020-21. Formulations and OTC products also registered a stable jump.
EBIDTA for Q3’FY 2020-21 rose by 64 per cent at Rs 32.63 crore and Cash Profit by 62 per cent at Rs 31.37 crore.
API business maintained its lead contributing 54 per cent to the company’s topline in Q3’FY 2020-21. API Sales Revenue during the quarter grew by 25 per cent at Rs 165.03 crore. Within the API segment, four key products Loratadine, Montelukast, Atorvastatin and Rosuvastatin contributed Rs 143.72 Crores to the company’s topline and registered a remarkable growth of 25 per cent over corresponding quarter in the previous fiscal.
Synopsis of Quarterly and Nine months Performance (Consolidated)
(Rs in Crores)
API Exports recorded an impressive growth of 23 per cent at Rs 110.39 crore in Q3’FY 2020-21. Domestic API business recorded a growth of 28 per cent at Rs 54.64 crore with an improvement of 20 per cent in the sales of Montelukast. For the nine months period ending December 31, 2020, export revenues from the USA recorded a growth of 43 per cent, closely followed by 40 per cent revenue growth from the Asian markets. South American and African markets also recorded a handsome growth of 59 per cent and 31 per cent, respectively.
Home Diagnostics Sales Revenue grew by 104 per cent in Q3’FY 2020-21 at Rs 87.58 crore with B.P. Monitors’ sales growing by around 210 per cent and Blood Glucose Monitors by 99 per cent. OTC Sales Revenue grew by 4 per cent at Rs18.40 crore.
During the current year, the company has filed four new patents for US and Indian markets in addition to 125 existing patents in its portfolio thus strengthening the IPR (Intellectual Property Rights) basket of the company for various New Products. Five new products in the anti-diabetes, anti-depressant, and anti-coagulant segments have been developed by the company’s Research and Development (R&D) centre during the first nine months of the current fiscal. Morepen Labs has also filed nine Drug Master File (DMF) in the United States and one more Import Drug License (IDL) for Chinese Markets taking the tally to 120 DMFs and 10 IDLs.
Company’s Board has recently approved a mega expansion plan involving an outlay of Rs 178 crore. The expansion plan has already been cleared by Himachal State Government under single window clearance scheme. It would add 2000 MT p.a. of APIs manufacturing capacity in addition to 3000 MT p.a. capacity already installed, and also generate additional employment for about 700 people. The company is awaiting environmental clearance by the State Level Approval Committee for this expansion project. Additional capacities will facilitate the production of over 40 new and existing bulk drugs covering various therapeutic categories including anti-diabetic, anti-hypertensives, anti-allergic, anti-asthmatic, cholesterol reducers, anti-viral, anti-coagulants, anti-psychotic and anti-depressants. The expanded capacity is likely to commence commercial production over the next three years. The company proposes to fund the expansion primarily through internal accruals.
Morepen Laboratories Ltd. is a 36-year old, around Rs 1,200 Cr. pharmaceutical and healthcare products company. The company went public in the year 1992 and is currently listed at both the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
Morepen is a leading manufacturer of high-quality APIs, Home Diagnostics, Formulations and OTC products in north India. All the manufacturing facilities of the company are inthe state of Himachal Pradesh and meet the latest international standards. Company’s both API facilities at Masulkhana and Baddi are approved by USFDA and other regulatory bodies of Europe, Asia, and Australia. The company’s state-of-the-art manufacturing facility at Baddi comprises a scientifically integrated complex of 10 plants, each with a specific product profile.
Amongst several APIs manufactured by Morepen, the company is the largest manufacturer of Loratadine and Montelukast (anti-allergy and anti-asthmatic drugs). It also enjoys a significant share for Atorvastatin and Rosuvastatin (Cholesterol reducing drugs) in the international market. Besides, the company has established an extensive footprint for its API products on the strength of quality, documentation and consistency in regulatory compliances, both in the domestic as well as global markets. Morepen has achieved to its credit the enduring confidence of a strong (over 1250) customer base spanning over 80 countries for its leading API products.
In line with its vision of keeping pace with the changing landscape, Morepen continues to invest in its Research and Development (R&D) infrastructure aimed at developing new molecules to deliver the latest drugs at competitive prices in the global markets. The company’s strong dedicated R&D team has successfully developed 22 products in the last three years out of which 12 products have already been commercialized. The company has also started supplying these new products to customers with complete documentation like DMF, tech packs and other regulatory compliances.
Morepen’s R&D Centre meets all the global regulatory requirements and was recently approved by the Department of Scientific and Industrial Research, Govt of India, New Delhi. Morepen R&D and QA team, known for its impeccable service, has filed 125 Patents, 60 DMFs and 8 CEPs for USA and Europe, Japan, China, Taiwan and Australian markets.
Morepen is also an established name in home diagnostics sector which remained untapped for a long time in India. Dr Morepen has gained No.1 position in manufacturing and marketing of Blood Glucose Monitors in India, displacing some established multinational players. With a stable base of more than four million installations of Blood Glucose Monitors, the company has sold more than 500 million glucometer strips (single tests) till date. Dr Morepen also has a formidable presence and is the leader in the Blood Pressure Monitors and Nebulizers segments in the domestic market.
Brand Dr Morepen, which was launched way back in 2001, has created a niche for itself in over the counter (OTC) and Self-Health segment products as well. Dr Morepen has reached all over the country with over 50 products including famous brands like ‘Burnol’ and ‘Lemolate’.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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FAO food price index rises for 9th consecutive month in Feb
Rome [Italy], March 5 (ANI): Global food commodity prices rose for the ninth consecutive month in February with quotations for sugar and vegetable oils increasing the most, according to Food and Agriculture Organisation (FAO) of the United Nations.
The FAO food price index, which tracks monthly changes in the international prices of commonly-traded food commodities, averaged 116 points in February, 2.4 per cent higher than the previous month and up 26.5 per cent from a year ago.
The FAO sugar price index rose by 6.4 per cent from January as production declines in key producing countries together with strong import demand from Asia prompted ongoing concerns over tighter global supplies.
Expectations of a production recovery in Thailand and a bumper crop in India dampened the increase.
The FAO vegetable oil price index gained 6.2 per cent, reaching its highest level since April 2012. Prices for palm, soy, rape and sunflower seed oils all rose.
The FAO dairy price index rose by 1.7 per cent led by international export quotations for butter where firm imports by China met limited supplies from western Europe. Cheese prices declined partly due to high inventories in the United States.
The FAO cereal price index averaged 1.2 per cent higher than in January. Sorghum prices rose 17.4 per cent in the month driven by ongoing strong demand from China. International prices of maize, wheat and rice were either stable or edged up slightly.
The FAO meat price index increased 0.6 per cent pushed higher by tight supplies of bovine and ovine meats in key producing regions.
By contrast, pig meat price quotations fell underpinned by reduced purchases by China amid heavy oversupplies and a rise in unsold pigs in Germany due to the continued ban on exports to Asian markets.
FAO also released the cereals supply and demand brief including updated assessments of global production, consumption, trade and inventories.
Global wheat production in 2021 is likely to increase and hit a new record of 780 million tonnes, according to FAO’s preliminary forecast, as expectations of a rebound in production in the European Union more than offset weather-impacted production prospects for output in the Russian Federation.
Maize production in South Africa is expected to reach near-record levels in 2021 while outputs in South America are forecast at well above-average levels. The crop is yet to be planted in countries north of the equator.
The brief offers more details and updated assessments. Highlights include a new and higher estimate for world cereal production in 2020, now seen at 2 761 million tonnes, a 1.9 per cent increase from the previous year lifted by higher-than-expected outturns reported for maize in West Africa, for rice in India, and wheat harvests in the European Union, Kazakhstan and the Russian Federation.
FAO’s new projections for 2020-21 include a 2 per cent annual increase in global cereal utilisation to 2,766 million tonnes and 5.5 per cent growth in world trade in cereals to 464 million tonnes.
Global cereal stocks are now forecast to end 2021 at 811 million tonnes, 0.9 per cent below their opening levels, pushing down the stock-to-use ratio to 28.6 per cent. World rice and wheat stocks are expected to increase while those of coarse grains to decline. (ANI)
PNB Housing Finance, Yes Bank in co-lending partnership
By Pnb Housing Finance, Yes Bank In Co-Lending Partnership
Mumbai (Maharashtra) [India], March 5 (ANI): PNB Housing Finance and Yes Bank said on Friday they have entered into a strategic co-lending agreement to offer customised retail loans for homebuyers at competitive interest rates.
Both organisations will jointly do due diligence and co-originate the loan at an agreed ratio. PNB Housing will service customers through the entire loan lifecycle including sourcing, documentation and collection with an information sharing arrangement with Yes Bank.
In 2020, the Reserve Bank of India allowed the co-origination of housing finance companies with banks to enable non-banking finance companies (NBFCs) and other banking institutions to provide mutually-beneficial risk assessment services.
The revised co-lending model introduced in November last year gives lenders greater flexibility vis-a-vis offering higher credit for the unserved and underserved segments of population.
Rajan Suri, Business Head for retail at PNB Housing Finance, said India’s financial sector is witnessing a historical disruption with most banks and NBFCs harnessing the power of new-age technologies to innovate and deliver qualitatively superior products and services to customers.
“The digital transformation has opened up untapped opportunities in the retail home loan space. We have seen a steady demand among working class, especially millennials who are keen to realise their dream of owning a home early in their careers,” he said.
Rajan Pental, Global Head for retail banking at Yes Bank, said the partnership will go a long way to bring local expertise and assist the bank to boost its footprint in newer geographies.
“It is our constant endeavour to curate and innovate products that add value for customers, and source meaningful partnerships that enable us to serve that goal,” he said. (ANI)
Covid-19 accelerates shift towards digitalisation: Infosys-Milken report
New York [USA], March 5 (ANI): A new report by digital services major Infosys shows that American employees like working remotely, employers cite greater workforce productivity but how to increase diversity remains a top concern.
The Milken Institute and Infosys report titled ‘Future of Work: Insights for 2021 and Beyond’ highlights insights about remote work based on original research. It examines the pandemic’s impact on the workforce and offers recommendations for employers and employees moving forward.
The report, based upon surveys of employees and managers of large US-based companies, found that 80 per cent of respondents are very or somewhat satisfied with remote work despite higher workloads and a lack of social interactions with colleagues.
Nearly 82 per cent of managers said their employees are working more than they were before the pandemic with over half saying employees were working a lot more.
However, access to remote work options remains inequitable across income brackets with lower-income employees seeing fewer remote job roles.
Specifically, 69 per cent of those with an income below 50,000 dollars a year said they saw increased remote working opportunity compared to 86 per cent of those making over 75,000 dollars a year.
The report finds that the shift to remote work has allowed employers to hire talent beyond where they physically operate. Some firms have used this opportunity to double down on diversity and inclusion.
The Covid-19 pandemic has changed employment forecasts for different sectors. Although utility companies experienced the smallest decline in employment during Covid-19, it is projected to have the largest decline of any sector over the next decade.
By contrast, while leisure and hospitality have been hardest hit, the industry nonetheless expects strong employment growth.
“While the full impact of the pandemic remains unknown, it is clear that the shift towards digitalisation has altered the shape, focus and geographical dispersion of the American workforce,” said Michael Klowden, CEO of Milken Institute.
Ravi Kumar, President of Infosys, said the pandemic has accelerated trends already seen and provided a rare opportunity to clearly envision the future of work in a way that benefits the largest number of people.
“As training and re-skilling become increasingly important, companies that provide their employees with the greatest advancement opportunities will continue to have a competitive edge. They will also be able to meet the diversity, equity and inclusivity challenges the world is facing with greater impact,” he said. (ANI)
Equity indices flat in volatile trade, banking and metal stocks suffer
Mumbai (Maharashtra) [India], March 5 (ANI): Equity benchmark indices were flat during early hours on Friday with banking and metal stocks incurring losses amid weak global cues.
At 10:15 am, the BSE S&P Sensex was down by 20 points or 0.04 per cent at 50,826 while the Nifty 50 edged lower by 2 points or 0.01 per cent to 15,079.
Most sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank down by 1.5 per cent, private bank by 1 per cent and metal by 1 per cent.
Among stocks, IndusInd Bank fell by 2.4 per cent to Rs 1,065.15 per share while ICICI Bank was down by 1.5 per cent to Rs 611.20. HDFC Bank too dipped by 1 per cent to Rs 1,535.15 per share.
State Bank of India, Wipro, Hindalco, Dr Reddy’s, Tata Motors and Bajaj Auto also traded in the negative zone.
However, energy stocks gained with ONGC up by 4.5 per cent to Rs 117.80 per share, GAIL rose by 3.5 per cent, Bharat Petroleum Corporation by 1.3 per cent and NTPC by 1.1 per cent.
Meanwhile, Asian stocks dropped to one-month lows as rising US treasury yields again rattled equity investors.
Japan’s Nikkei share average cracked by 1.6 per cent and shares in Seoul fell by 1.4 per cent. Chinese shares were in the red with the bluechip CSI300 index off 1.5 per cent.
That sent MSCI’s broadest index of Asia Pacific shares outside of Japan to 684.52, the lowest since February 1.
Overnight, US stocks dropped after US Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates. (ANI)
Cycle Pure Agarbathi unveils #Selfeet Campaign marking 7 decades of women workforce
Bengaluru (Karnataka) [India], March 4 (ANI/NewsVoir): Cycle Pure Agarbathi, the world’s largest agarbathi manufacturer, is celebrating this International Women’s Day by honouring the women workforce with a new word, #Selfeet, a term that sets out to grow into a cultural phenomenon at the workplace and in the digital world at large.
The brand is starting a #Selfeet social media campaign that aims at acknowledging and celebrating women from different walks of life who have outdone themselves braving all odds.
The brand urges all women to come together to celebrate this International Women’s Day by posting a picture of their own feet to honour their independence and commitment towards building our nation. The brand encourages women from all walks of life to take part in this campaign by sharing their #Selfeet and making a global statement – No dream is too big to dream.
The rationale behind this campaign is to debunk the myth that occupation and entitlement are based on gender and to motivate more women to follow their dreams and embrace their independence, like countless other women who have followed their hearts.
While women empowerment has been a topic of discussion for quite some time now, Cycle Pure Agarbathi put the idea into action in its founding days with women accounting for its major workforce for the past 7 decades. The brand has been empowering women way before the term was coined and believes women have a pivotal role in shaping the company to what it is today.
Commenting on this initiative, Arjun Ranga, Managing Director, Cycle Pure Agarbathi, said, “Women empowerment is an easily identified term but is not a term that is easily understood. The aim is to leverage the campaign by allowing women to express themselves and their achievements in all walks of life. We found that at its core, women empowerment means a woman standing on her own two feet; hence, the term #Selfeet giving a simple twist to the commonplace word selfie that gives it a whole new meaning.
The word #Selfeet stands for a selfie of a proud woman’s feet, the feet that she stands on, with utmost confidence and independence. The word has the right attitude and a quotient adopted in the social media age, where selfies are a rage. Besides, women taking pictures of their feet is an existing phenomenon. We’ve just added an angle of feminine pride, independence, and confidence to it in order to make it widely acceptable.”
Since 1948, over 75 percent of Cycle Pure Agarbathi workforce consists of women and presently, over 10,000 women, mostly from rural backgrounds, play a role in shaping Cycle Agarbathi. Likewise, having balanced employment is likely to contribute to the empowerment of women and help curb inequality. While small steps can make a huge difference, the brand is inviting women from all walks of life to share their #Selfeet this Women’s Day in order to make a global statement, ‘No Dream is Too Big to Dream’
The Mysuru-based NR Group was founded by Shri N. Ranga Rao in 1948. A true visionary and philanthropist, Shri. Ranga Rao created the ubiquitous Cycle Pure Agarbathi, which has today become the largest selling incense stick brand in the world. From a home-grown enterprise, NR Group has evolved into a successfully run business conglomerate with an established presence in India and abroad.
The Group has diversified into various business categories like functional air care products (Lia brand of room fresheners and car-fresheners), wellness home fragrance products (IRIS) under Ripple Fragrances, floral extracts (NESSO) and Rangsons Technologies.
Today it is truly an Agarbathi to Aerospace conglomerate as it is also involved in making parts for defence helicopters. The organization has largely committed to social responsibilities and fulfils them, through its charity arm ‘NR Foundation’. NR Group today is managed by the third generation of the Ranga family.
For more information on NR Group, please visit www.nrgroup.co.in.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Debating the Contours of Internet Freedom in India
New Delhi [India], March 4 (ANI/BusinessWire India): The Dialogue, a Delhi based Tech Policy think tank, organized a National Debate Competition on ‘Internet Freedom’ on February 27th and 28th in collaboration with Shaheed Bhagat Singh College, University of Delhi. With the New IL Guidelines being notified only last Thursday, this debate could not have been more timely!
The competition saw the participation of more than 160 students from across India from more than 50 different universities. The competition was adjudged by Dhanendra Kumar, Senior Bureaucrat and Former Chairman, Competition Commission of India, Anand Venkatnarayanan, a Privacy Professional and a Public Interest Technologist, Zeba Warsi, Special Correspondent CNN News18, Rahul Sharma, Founder, The Perspective and Kazim Rizvi, Founding Director, The Dialogue.
The team from Symbiosis Law School, Pune demonstrated exemplary skills and was adjudged as the ‘Best team’ while the team from NALSAR was adjudged the ‘Runners Up’. Vanshika Nandwani from J.C. Bose University of Science and Technology, Faridabad bagged the prize for the Best Speaker while Shashank Venkat achieved the feat of ‘Second Best Speaker’.
The year 2020, saw everyone’s lives steadily converge into virtual spaces as people significantly depended on the internet for almost everything be it classes, meetings or even entertainment. This increased social and economic significance of the internet was coupled with the rising concern around the rapid proliferation of fake news and CSAM. This has led to the government considering to regulate these platforms to tackle legitimate national security concerns. However, while imposing reasonable restrictions are important to preserve the ‘Rule of Law’, it is also paramount to ensure that such measures do preserve the right to free expression and privacy of the citizens.
Kazim Rizvi, The Founding Director of The Dialogue observed that the objective of this competition was to involve young minds to develop a quest for critical thinking and public speaking on crucial aspects of public policy and to help them assess the integral aspects of internet freedom, national security and their interaction with the fundamental rights of the people.
The rounds entailed discussion on topics like regulation of OTT platforms, the right to be forgotten and the significance of safe-harbour in preserving online free speech. The students arguing in favour of regulations highlighted the importance of reasonable restrictions to ensure better accountability on part of the platforms in the interest of user safety and national security. On the other hand, those arguing against it discussed the need to encourage free speech and innovation for creating an open, progressive and inclusive online space.
All the jury members praised the participants for their well-crafted speech and impressive presentation skills. Dharmendra Kumar, Senior Bureaucrat and Former Chairman of Competition Commission of India congratulated both the participants as well as The Dialogue and Shaheed Bhagat Singh team for the successful organization of this event. He observed that “while regulations are important to effectively tackle online challenges, however, they need to be reasonable and conform with the overarching principles of constitutionalism and rule of law.
While online safety is a legitimate goal, protecting the fundamental right to free speech and privacy of the citizens and furthering their freedom of trade and innovation is also crucial, and a balance needs to be struck between the two. I congratulate The Dialogue team for getting the youth of the nation to speak on this very important subject.”
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
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