Mankind Pharma's Net Profit Surges By 21% YoY To Rs 511 Cr In Q2 Results

On Tuesday Mankind Pharma, the fourth biggest Indian drugmaker announced its financial results for the second quarter and six months ended 30th September 2023. The company reported a 12 per cent year-on-year (YoY) hike in its revenue from operations at Rs 2,708 crores in quarter two of the financial year 2024 (Q2FY24) against Rs 2,425 crore in Q2FY23. 

The company's domestic revenue grew by 7 per cent YoY to Rs 2,529 crores while exports rose by 159 per cent YoY to Rs 179 crores. 

The company's profit after tax (PAT) also jumped by 21 per cent YoY to Rs 511 crore against 422 crore in the corresponding quarter last year. 

Mankind's earnings before interest tax, depreciation and amortization (EBITDA) was up by 15 per cent in Q2FY24 to Rs 686 against Rs 594 in the same quarter of the previous year. EBITDA margins were clocked at 25.3 per cent for the company in the September quarter rising from 24.5 per cent in Q2FY23.

"While the Pharma segment has grown at par with IPM (vs outperformance earlier) – due to delayed acute season, we expect to outperform IPM given strong chronic growth and uptick in season. Focus on increasing our chronic share led to the outperformance of 1.4x versus IPM Chronic growth in H1FY24. The past strategic choices in various aspects of our business are showing success, and we are confident in our ability to consistently surpass the industry growth in future,” said Rajeev Juneja, Vice Chairman and Managing Director, Mankind Pharma.

The company reported cash flow from operations of Rs 481 crore in the quarter. The company also disclosed a capital expenditure of Rs 225 crore up to the second quarter and maintained a net cash balance of Rs 2,159 crore. 

Mankind's stock was down by 0.70 per cent and closed at Rs 1,741.10 a piece on BSE.