Mankind Pharma's PAT Surges By 66% YoY In Q1FY24

Mankind Pharma, an Indian pharmaceutical company on Wednesday announced its financial results for the first quarter of FY24. The company has registered a rise of 18 per cent in its revenue from operations to be recorded at Rs 2,579 crores in Quarter One of Financial Year 2024 (Q1FY24) up from Rs 2,180 crores in the corresponding quarter last year. 

The pharmaceutical company’s net profit also jumped by a whopping 66 per cent year on year (YoY) in Q1FY24, the company recorded a net profit of Rs 494 crores in the June quarter. The company saw an increase of Rs 196 crores from the earnings of the same quarter last year which stood at Rs 298 crores.

The pharma major's EBITDA saw a 43 per cent rise in year-on-year (YoY) growth, recorded at Rs 660 crore against Rs 460 crore reported in the corresponding quarter last year.

Mankind's EBITDA margins in Q1FY24 grew to 25.6 per cent from 21.1 per cent in the corresponding quarter of the previous year.

Rajeev Juneja, Vice Chairman and Managing Director said “We have started the year on a healthy note, with strong double-digit growth in sales and profitability. The pharma segment outperformed the IPM by 1.5X led by volume-led growth and the highest ever-chronic share. Our consumer healthcare segment maintained dominant brand leadership in respective categories. We have also seen positive results of our prior initiatives to improve profitability, with EBITDA growing 43 per cent YoY."

Juneja further said, "Our market disruptive “DMF Quality Products” campaign has seen an outstanding response and we are rapidly expanding our product offerings in this important initiative. Our strategic initiatives across the businesses are delivering positive results and we are hopeful that we will continue to outperform industry growth, going ahead."

The company's stock was trading 8.66 per cent higher at Rs 1894.60 per scrip on Thursday as of 11:09 IST on BSE.