Mankind Pharma Reports 66% Profit Growth in Q1 FY24 on Strong Domestic Sales

3 Aug 2023 , 10:17 AM

Mankind Pharma Ltd reports a 66% growth in profit for Q1 FY24, driven by strong domestic sales. Net profit rises to Rs 494 crore, compared to Rs 298 crore in the corresponding quarter of FY22-23.

Total income increases to Rs 2,637 crore in the June quarter of the current fiscal from Rs 2,196 crore in the year-ago period.

Mankind Pharma’s board approves the reappointment of Ramesh Juneja as chairman and Rajeev Juneja as vice-chairman and managing director.

The chronic drugs segment’s share of domestic sales grows to 36% in the June quarter from 34% a year ago. The company’s pharma segment outperforms the Indian pharma market by 1.5X, led by volume growth and the highest-ever chronic drugs share, says Rajeev Juneja.

Mankind Pharma plans for growth in the chronic drugs segment, including cardiovascular, anti-diabetic, and respiratory drugs, among others.

Shares of Mankind Pharma close at Rs 1,739.80, down 1.7%, on Wednesday. In the March quarter of FY22-23, consolidated profit after tax (PAT) increased by 52% to Rs 294 crore, with revenue from operations reaching Rs 2,053 crore.

The income tax department conducted raids on Mankind Pharma’s premises in May over allegations of tax evasion, two days after the company’s stock market debut.

Mankind Pharma’s Rs 4,326 crore IPO received 15.32 times subscription in April. Founded in 1991, Mankind Pharma is a leading pharmaceutical company developing, manufacturing, and marketing pharmaceutical formulations and consumer healthcare products.

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