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Mankind Pharma Q3 results: PAT up 55% on strong domestic performance

Mankind's revenue from operations rose to Rs 2,607 crore in Q3 FY24, a 25 per cent Y-o-Y rise in revenue from operations from Rs 2,128 crore in Q2 FY23

Mankind Pharma

Sanket Koul New Delhi

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Delhi-based pharmaceuticals major Mankind Pharma reported a 55 per cent year-on-year (Y-o-Y) rise in consolidated net profit for the December quarter (Q3FY24) at Rs 459.81 crore, up from Rs 295.71 crore reported for the same period last year, according to data posted on the BSE.

Mankind’s revenue from operations rose to Rs 2,607 crore in Q3 FY24, a 25 per cent Y-o-Y rise in revenue from operations from Rs 2,128 crore in Q2 FY23.

The company reported that its domestic business witnessed an on-year growth of 20 per cent Y-o-Y in the December quarter, with domestic revenue rising to Rs 2,400 crores from Rs 1,996 crores reported in Q3FY23.
 

Highlighting IQVIA data, Mankind attributed the growth to be primarily driven by outperformance in chronic therapies, at the rate of 1.5 times the Indian Pharma Market (IPM), and its recovery in anti-infectives (13.8 per cent Y-o-Y vs 9.5 per cent in IPM). The domestic market was further bolstered by strong growth in modern trade and hospital sales.

The company also posted a secondary sales growth of around 9 per cent, as opposed to 8.3 per cent growth reported for IPM in the December quarter.

Mankind stated that it ranked 4th in the pharmaceutical market with a market share of 4.5 per cent in Q3FY24. According to IQVIA data, Mankind ranked 1st in prescription sales with more than 15.3 per cent market share in the December quarter, as its prescriber penetration increased to 83.4 per cent in Q3FY24 from 83.2 per cent for the same quarter last year.

Speaking on the results, Rajeev Juneja, Vice Chairman and Managing Director, Mankind Pharma, said that the company’s top 5 therapeutics by sales have outperformed the IPM by 1.5 times. “We have increased our market share in 18 out of the top 20 brands on both Q-o-Q and Y-o-Y basis,” he added.

The pharma major also reported a 4.8 per cent Y-o-Y decline in its revenue from the consumer healthcare segment. The decrease in revenue was attributed to initiatives taken in the last quarter towards optimization of channel inventory and implementation of IT tools to facilitate stockist consolidation.

On Wednesday, Mankind Pharma’s stocks were down by 2.75 per cent, ending the day’s trade at Rs 1,996 apiece on the BSE.

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First Published: Jan 31 2024 | 10:20 PM IST

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