Mankind Pharma‘s stock price surged more than 8 per cent in Thursday’s trade following the company’s robust Q1FY24 results.
The pharmaceutical firm reported record-breaking figures, with revenues growing 18 per cent year-on-year (YoY) to Rs 2,579 crore. Its EBITDA also saw substantial growth of 43 per cent to Rs 660 crore, resulting in expanded EBITDA margins of 25.6 per cent.
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Additionally, the company’s profit after taxes (PAT) soared 66 per cent to Rs 494 crore.
Mankind Pharma’s impressive performance was attributed to its strong growth in the pharma segment, which outperformed the IPM by 1.5 times, led by volume growth and the highest-ever chronic share.
The company’s consumer healthcare segment also maintained dominant brand leadership in its respective categories.
Mankind Pharma shares were trading at Rs 1883.60 at around 12 pm, up over Rs 143.80.
“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 highest ever chronic share,” said Rajeev Juneja, vice chairman & managing director of the company.
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He also highlighted the positive impact of their strategic initiatives, such as the ‘DMF Quality Products’ campaign, which received an outstanding response.
The company’s pharmaceutical business outpaced the industry by 1.5 times, reporting robust 14 per cent YoY growth in the quarter.
Additionally, the domestic business saw impressive secondary sales growth of 12.5 per cent, outperforming the industry by 1.5 times. Mankind Pharma achieved significant volume growth of 4.3 per cent, compared to the industry’s 1.4 per cent growth.
In the chronic segment, Mankind Pharma posted a remarkable 17 per cent growth, surpassing the industry’s 10 per cent growth in the quarter. The chronic business share in the total sales increased to 36 per cent in the June quarter, demonstrating its strong performance.
The company’s consumer healthcare segment witnessed a growth of 8 per cent YoY and an impressive 36 per cent sequential growth, maintaining its dominant brand leadership.
Furthermore, Mankind Pharma’s exports business excelled, experiencing a remarkable 214 per cent YoY growth, benefiting from specific one-off opportunities in the US market, according to the company.
