Mankind Pharma
Shares Rocket After Q1 Earnings
The shares of
Mankind Pharma rockets on Thursday closed at Rs 1,913.75 up by 10 per cent after it
announced strong first quarter earnings on Wednesday with a favourable view by
Macquarie.
Mankind net profit
Mankind
Pharma reported a 66 per cent increase in consolidated net profit to Rs 494
crore in the June quarter. The company had reported a net profit of Rs 298
crore in the corresponding quarter of 2022-23.
The
company’s total income increased to Rs 2,637 crore in first quarter of the
current fiscal from Rs 2,196 crore in the year-ago period, Mankind Pharma said
in a regulatory filing.
Domestic Business
Domestic
Business achieved a robust 14% YoY growth in Q1FY24, while the Secondary Sales
demonstrated an impressive growth rate of 12.5%, showcasing a remarkable
outperformance of 1.5 times compared to the 8.5% growth in the Industry Primary
Market.
Consumer Healthcare
On
the other hand, the Consumer Healthcare segment witnessed a growth of 8% YoY
and 36% QoQ, Secondary sales in Prega News, HealthOKTM, Manforce condoms up by
30% YoY, 23% YoY and 11% YoY respectively in Q1FY24.
Exports
Exports
business witnessed a growth of 214% YoY in Q1FY24 aided by certain one-off
opportunities in the US.
The
company said its board has approved the re-appointment of Ramesh Juneja as its
chairman and Rajeev Juneja as vice-chairman and managing director.
