Mankind Pharma Reports Strong Q2 2023-24 Earnings

Mankind Pharma unveiled its financial performance for the second quarter of the fiscal year 2023-24, displaying robust results across various segments. The company reported a profit of Rs 501.03 crore, marking a 19.4 percent increase compared to the same period last year when the profit stood at Rs 419.71 crore.

In terms of revenue, the company achieved Rs 2708.10 crore from its operations during this quarter, reflecting an 11.6 percent growth compared to the Rs 2425.84 crore generated in the second quarter of FY23.

The domestic revenue amounted to Rs 2529 crore, marking a 7 percent YoY increase, while the export revenue soared to Rs 179 crore, registering a remarkable 159 percent growth on a yearly basis. The company's EBITDA revenue reached Rs 686 crore, an impressive 15 percent increase YoY, with a margin of 25 percent. The cash flow from operations for the period was reported at Rs 481 crore.

Rajeev Juneja, Vice Chairman & Managing Director of Mankind Pharma, expressed, "We continue to report steady performance with revenue/ EBITDA and PAT growing by 12 percent/ 15 percent and 21 percent YoY respectively. While the Pharma segment has grown at par with IPM (versus outperformance earlier), due to the delayed acute season, we expect to outperform IPM given strong chronic growth and uptick in the season. The focus to increase our chronic share has led to an outperformance of 1.4x versus IPM Chronic growth in H1FY24. The strategic choices made in various aspects of our business are proving successful, and we are confident in our ability to consistently surpass industry growth in the future."