Mankind Pharma Q2 net profit up 30% on back of strong domestic sales, 57% exports jump

Pharmaceutical firm Mankind Pharma Ltd on Tuesday (November 5) reported a 30.4% year-on-year (YoY) jump in net profit at ₹653.5 crore for the second quarter that ended September 30, 2024.

The drug major had posted a net profit of ₹501 crore in the year-ago period, Mankind said in a regulatory filing. Revenue from operations increased 13.6% to ₹3,076.5 crore against ₹2,708.1 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA surged 24.5% to ₹850 crore in the second quarter of this fiscal over ₹682.6 crore in Q2 FY24.

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The EBITDA margin stood at 27.6% in the reporting quarter against 25.2% in the corresponding period of FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Mankind Pharma’s domestic revenue stood at ₹2,796 crore, marking an 11% YoY increase, and exports grew 57% to ₹281 crore. The company’s diluted EPS rose 30% to ₹16.3 over the same period in FY24.

In its domestic business, secondary sales grew 8.6%, outperforming the Indian pharmaceutical market (IPM) growth of 8% by a factor of 1.1x, supported by a 3.4x volume growth advantage and 1.3x higher growth in the chronic segment compared to IPM. However, regulatory headwinds in select acute segment products and field force optimisation initiatives impacted overall growth slightly.

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Mankind’s consumer healthcare business posted a robust 20% YoY revenue growth, driven by key brands such as Manforce, Gas-o-fast, and HealthOk, which benefited from rapid expansion in modern trade, e-commerce, and quick-commerce channels. Secondary sales grew strongly for Manforce (15%), Gas-o-fast (28%), and HealthOk (27%) year-on-year, underscoring brand strength.

In exports, revenue surged 57% YoY, supported by both an increase in the base business and recent launches over the past 12-24 months. The company introduced one new product in the US during the quarter, bringing the total to 42 launched products in that market.

The results came after the close of the market hours. Shares of Mankind Pharma Ltd ended at ₹2,714.40, down by ₹20.55, or 0.75%, on the BSE.

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