Mankind Pharma Ltd. reported a 66% surge in profit in the first quarter of FY24, beating analysts' estimates.
The Delhi-headquartered drugmaker's consolidated net profit rose to Rs 487 crore in the April-June quarter, according to its exchange filing. That compares with the Rs 398 crore consensus estimate of analysts tracked by Bloomberg.
Sequentially, the profit jumped 71%.
Mankind Pharma Q1 FY24 Highlights (YoY)
Revenue rose 18% to Rs 2,579 crore, as against an estimate of Rs 2,446 crore.
Ebitda was up 44% at Rs 655 crore, as compared with a forecast of Rs 560 crore.
Margin stood at 25.4% versus 20.9%. Analysts had estimated it at 22.9%.
Other Highlights (YoY)
Domestic sales grew 14% with a revenue of Rs 2,419 crore, of which consumer healthcare rose 8%.
The company ranked fourth in the domestic market, with a market share of 4.4% in Q1 FY24, as against 4.2% in Q1 FY23.
Its chronic growth was 17%, as compared with Indian pharma market growth of 10% in Q1 FY24.
Exports surged 214% to Rs 160 crore, aided by certain one-off opportunities in the U.S., the company said in the filing.
For the export market, the filing said that the new integrated API/formulation manufacturing plant is expected to be commercialised in H1 FY24.
The company is exploring export of Dydrogesterone (treatment of menstrual disorders) to key markets.
"We have started the year on a healthy note, with strong double-digit growth in sales and profitability," said Rajeev Juneja, vice chairman and managing director at the company, in the filing.
The company's pharma segment outperformed the Indian pharma market by 1.5 times, led by volume-led growth and the highest-ever chronic share, he said. The consumer healthcare segment maintained dominant brand leadership in respective categories, according to him.
"Our market-disruptive 'DMF Quality Products' campaign has seen an outstanding response, and we are rapidly expanding our product offerings in this important initiative," Juneja said.
Shares of Mankind Pharma closed 1.81% lower on Wednesday as compared with a 1.02% decline in the benchmark Sensex.
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