Mankind Pharma Q2 Results: Net profit jumps 21% to Rs 511 crore, led by one-off US export opportunities
net profit to Rs 511 crore in Q2FY24 led by one-off US export opportunities. The drugmaker reported a net profit of Rs 422 crore in the corresponding period of the previous year.
Revenue rose 11.6% YoY to Rs 2,708 in Q2FY24.
The earnings before interest, tax, depreciation and amortization (EBITDA) grew 15.4% YoY to Rs 686 crore. The EBITDA margin rose 80 basis points YoY to 25.3%.
Domestic branded formulation business increased 7.3% YoY to Rs 253 crore, while consumer healthcare grew only 1.6%.
Mankind attributed the softness in domestic business to delayed acute season.
Mankind ranks fourth in the Indian pharmaceutical market with a share of 4.4% in Q2FY24.
Mankind's chronic medicine sales growth was 10% in Q2FY24 as compared to IPM's chronic growth of 9% in Q2FY24. Chronic share increased to 34% in Q2FY24 as compared to 32% in Q2FY23.
Exports business witnessed growth of 159% YoY to Rs 179 crore in Q2FY24 aided by certain one-off opportunities in the US market.
