Mankind Pharma Q1 results: Profit soars 66% on strong sales

02 Aug 2023,

Mankind Pharma Ltd on Wednesday reported a 66% growth in profit for the first quarter of fiscal year 2024 on strong domestic sales. Its net profit rose to Rs 494 crore as compared to net profit of ₹298 crore in the corresponding quarter of 2022-23.

The company's total income rose to ₹2,637 crore in June quarter of the current fiscal from ₹2,196 crore in the year-ago period, Mankind Pharma said in an exchange filing.

Its chronic drugs segment's share of domestic sales grew 36% in the June quarter from 34% a year ago.

“The pharma segment outperformed the Indian pharma market by 1.5X, led by volume growth and highest ever chronic (drugs) share," Rajeev Juneja, Mankind Pharma's vice chairman and managing director, said on Wednesday.

In May, the drugmaker said it would be banking on growth in the segment, which includes cardiovascular, anti-diabetic and respiratory drugs among many others.

Shares of Mankind Pharma closed at ₹1,739.80, down 1.7%, on Wednesday.

In the March quarter of 2022-23, Mankind Pharma reported 52% increase in consolidated profit after tax (PAT) at ₹294 crore.

Its revenue from operations rose to ₹2,053 crore in the fourth quarter.

In May, the income tax department conducted raids on the premises of the company over allegations of tax evasion.

The I-T raids were done two days after the company made its stock market debut.  

Mankind Pharma had also launched its IPO this year. The ₹4,326 crore initial share sale received 15.32 times subscription in April.

Founded in 1991, Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.

Its product portfolio includes Manforce condoms, Prega News pregnancy test kits and Gas-O-Fast sachets.

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