Our spectacular performance and revenue growth in the year 2021-22 was largely driven
by market conditions against the background of the COVID pandemic. We had witnessed a
staggering 30% revenue growth, and kept up the growth trajectory that has soared
impressively in the last 2 decades. The decline in revenue in the year 2022-23 can be
attributed to multiple factors, including market vagaries and large base effect of
preceding year.
And yet, there is much to be upbeat about. It is a matter of pride for Morepen that for
the third time in a row, the US Food and Drug Administration granted NIL 483 (no adverse
findings) registration to our manufacturing facility in Baddi. Four new international
patents were filed during the year, by the company. Morepen continues to fund its own
growth through its internal accruals without dependence on outside funding support. What
is most heartening is the company's performance in the first quarter of 2023-24. It sends
out positive signals of resurgence, and indicates our commitment to keeping the growth
curve in upward momentum.
The organization has introduced a new work philosophy that aims to celebrate the
individual as well as the collective. CONNECT, COMMUNICATE & COLLABORATE is a step
forward to ensure that every member of Morepen is connected to the other across teams,
business verticals, branches, and locations. Logically, this creates a collaborative
workspace where you work as a team and in very diverse ways, contribute to realising
singular goals.
Let us remember that Morepen is built of people for the people. Individually, we have
power. Collectively, we can be a superpower.
-Sushil Suri