The new entity will be named "QUICK MED" or any other name as approved by the Central Registration Centre, Ministry of Corporate Affairs.
The proposed company will operate in the pharmaceutical sector, with a focus on the 'Online Retail Pharmacy' business. This move aligns with DML's inorganic growth strategy to cater to the increasing demand in the online pharmacy market.
DML will contribute Rs 80,000 in cash, representing 80% of the initial subscription, by acquiring 8,000 equity shares at Rs 10 each in the proposed company. As a result, Morepen Laboratories will indirectly hold 80% of the shares in this new step-down subsidiary through DML.
Upon its incorporation, the proposed company will become a step-down subsidiary of Morepen Laboratories. The company received this update from DML on 19 February 2025.
Morepen Laboratories is a leading player in the pharmaceutical and healthcare industry. Over the past four decades, Morepen has carved out a significant niche in the medical devices and Active Pharmaceutical Ingredients (API) segments. The company’s API business is renowned for its high-quality products and extensive global reach. The company exports a substantial portion of its API products, catering to the needs of numerous international markets. Morepen holds a leadership position in the export of 6 key API products: loratadine, melukast, desloratadine, atorvastatin, and fexofenadine.
The company’s consolidated net profit fell 16.6% to Rs 26.69 in Q3 FY25 as against Rs 31.99 crore in Q3 FY24. However, revenue from operations rose 1.9% to Rs 452.78 crore in the quarter ended 31 December 2024.