Mankind Pharma Q3 Results Review: Systematix Maintains 'Hold' On The Stock, Revises Target Price — Here's Why

Mankind Pharma's quarter witnessed integration of Bharat Serum Vaccine acquisition (67 days of sales during the quarter) and aided strong reported growth on a YoY basis..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Systematix Research Report.Mankind Pharma Ltd. Q3 FY25 revenues (Rs 32,300 million, 23.9% YoY growth), Ebitda (Rs 8,298 million, 36.8% YoY Growth) and Net Income (Rs 3,802 million, -16.2% YoY) were below our estimates. The quarter witnessed integration of Bharat Serum Vaccine acquisition (67 days of sales during the quarter) and aided strong reported growth on a YoY basis. However organic revenue growth was lower than expected owing to weakness in domestic branded prescription business (8% organic growth – excluding BSV), which was partially offset by strong growth in Domestic OTC business (30% YoY). The organic growth in the branded prescription business was lower as Mankind Pharma is restructuring various divisions with a view to accelerate growth going forward. The changes involve the introduction of new leadership talent and realigning strategy with market realities. A large part of the efforts have been implemented. Progress in BSV integration and aggressive product launches (organic and in-licensed) in chronic therapies are expected to support growth going forward. We maintain Hold on Mankind with a revised target price of Rs 2,492 based on 35x PE multiple on FY27E EPS. We estimate revenue/Ebitda/PAT CAGR of 18.6%/23.5%/15.4% over FY24 to FY27E. Mankind is addressing growth challenges in IPM through inorganic additions, but we expect the same to be margin dilutive in the near to medium term..Click on the attachment to read the full report:.IndiGo Q3 Results Review: Motilal Oswal Retains 'Neutral' Stance On The Stock — Here's Why.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Mankind Pharma Q3 Results Review: Systematix Maintains 'Hold' On The Stock, Revises Target Price — Here's Why

Mankind is addressing growth challenges in IPM through inorganic additions, but the brokerage expects the same to be margin dilutive in the near to medium term.

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