 "Rajeev Juneja, vice president and managing director of Mankind Pharma")
Delhi-based pharmaceuticals major Mankind Pharma reported a 62 per cent year-on-year (Y-o-Y) rise in consolidated net profit for the March quarter (Q4 FY24) at Rs 476.59 crore, up from Rs 293.69 crore reported for the same period last year.
Mankind’s revenue from operations rose to Rs 2,441 crore in Q4 FY24, an 18.9 per cent Y-o-Y rise from Rs 2,052 crore reported in Q4 FY23.
At the operating level, the earnings before interest, tax, depreciation and amortisation (ebitda) rose to Rs 591 crore in the March quarter as against Rs 417 crore in the same period last fiscal, while the ebitda margin stood at 24.2 per cent compared to 20.3 per cent.
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On a sequential basis, the company exhibited a 3.6 per cent rise in revenue, while its revenues fell by 6 per cent.
For the full year of FY24, the company posted an 18.1 per cent Y-o-Y increase in revenue and a 48.2 per cent Y-o-Y increase in consolidated profit, reaching Rs 10,334 crore and Rs 1,941.77 crore respectively.
The company reported that its domestic business witnessed an on-year growth of 10 per cent in the March quarter, with domestic revenue rising to Rs 2,174 crore from Rs 1,972 crore reported in Q4 FY23.
Highlighting IQVIA numbers, Mankind attributed the growth in domestic business to be primarily driven by outperformance in chronic therapies, at a rate of 2.7 times the Indian Pharma Market (IPM) and its recovery in the gynaecology segment.
The company also posted a secondary sales growth of 7.9 per cent, as opposed to 5.7 per cent growth reported for IPM in the March quarter.
The company’s exports business also witnessed a growth of 230 per cent Y-o-Y in the March quarter, aided by one-off opportunities in the United States.
Commenting on the results, Rajeev Juneja, vice chairman and managing director of Mankind Pharma said that our strong revenue growth of over 18 per cent with strong EBITDA and profit margins is supported by an increase in chronic share to 36 per cent and growth in modern trade of over 50 per cent.
On Wednesday, Mankind Pharma’s stocks were down by 2.53 per cent, ending the day’s trade at Rs 2,190.65 apiece on the Bombay Stock Exchange (BSE).
