Mankind Pharma share price in focus as shareholder lock-in period ends today
Also Read: Stocks to Watch: SBI, Cello World, IndiGo, Bank of Baroda, L&T, IDFC First Bank Mankind Pharma made a decent stock market debut on May 9, 2023, after the company raised ₹4,326.36 crore from its initial public offering (IPO). The stock got listed at a hefty premium of 20% at ₹1,300 per share on BSE, higher by ₹280 per share from the Mankind Pharma IPO price of ₹1,026 to ₹1,080 per share.
Read here: Mankind Pharma share price further climbs after listing at 20% premium Mankind Pharma share price has rallied more than 36% from its listing price and over 64% from its IPO price. The drug maker reported net profit of ₹511 crore in the second quarter of FY24, recording a growth of 21% from ₹422 crore in the corresponding quarter of last fiscal.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The company’s revenue in Q2FY24 increased 11.6% YoY to ₹2,708 crore. At the operational level, the earnings before interest, tax, depreciation and amortization (EBITDA) during the quarter rose 15.4% YoY to ₹686 crore, while EBITDA margin improved by 80 basis points (bps) YoY to 25.3%.
Mankind Pharma felt the impact of softness in acute segment sales during the September quarter that pulled down the domestic growth even as overall performance was lifted by continued traction in the Chronic portfolio, some price hikes and higher exports, as per analysts. However, analysts expect the company’s growth to improve moving forward.
According to Kotak Institutional Equities, Mankind’s 2QFY24 performance was marred by muted domestic growth, particularly in OTC (over the counter selling products). Read here: Mankind share price dips more
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