Mankind Pharma Shares Jump 10% After Q1 Profit Beat
The drugmaker's first-quarter profit rose 66% YoY to Rs 487 crore, compared with Bloomberg estimate of Rs 398 crore.
Shares of Mankind Pharma Ltd. surged 10% on Thursday, the highest single-day jump since its listing, after its first-quarter profit beat analysts' estimates.
The drugmaker's profit rose 66% year-on-year to Rs 487 crore in the April-June quarter, according to an exchange filing on Wednesday. That compares with the Rs 398 crore consensus estimate of analysts tracked by Bloomberg. Sequentially, the profit jumped 71%.
Mankind Pharma Q1 FY24 Highlights (Consolidated, YoY)
Revenue rose 18% to Rs 2,579 crore. (Bloomberg estimate: Rs 2,446 crore)
Ebitda was up 44% at Rs 655 crore. (Bloomberg estimate: Rs 560 crore)
Margin was 25.4% versus 20.9%. (Bloomberg estimate: 22.9%)
Shares of Mankind Pharma surged 8.75% to 1,892.05 apiece as of 10:43 a.m., compared to a 0.24% decline in the benchmark NSE Nifty 50. The stock jumped as much as 10% to Rs 1,913.75 apiece, the highest single-day jump since its listing on May 9.
The stock has risen 33% since listing. It hit a fresh record on July 24 at Rs 1,949 apiece and a record low of Rs 1,242 per share on May 22. The total traded volume stood at 8.5 times its 30-day average. The relative strength index at 60.9.
Ten of the 12 analysts tracking Mankind Pharma maintain a 'buy' rating on the stock, while two recommend a 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 16.4%.
