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Informist, Tuesday, Nov. 5, 2024

 

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--Mankind Pharma Jul-Sept consol net profit INR 6.53 bln vs INR 5.01 bln 
--Analysts saw Mankind Pharma Jul-Sept consol net profit INR 5.94 bln 
--Mankind Pharma Jul-Sept consol revenue INR 30.77 bln vs INR 27.08 bln 
--Mankind Pharma Apr-Sept consol net profit INR 11.90 bln vs INR 9.88 bln 
--Mankind Pharma Apr-Sept consol revenue INR 59.70 bln vs INR 52.87 bln 
--Mankind Pharma Jul-Sept consol EBITDA INR 8.53 bln vs INR 6.86 bln 
--Mankind Pharma Jul-Sept consol EBITDA margin 27.7% vs 25.3% year ago 
--Mankind Pharma Jul-Sept consol gross margin 71.6% vs 69.5% year ago 

 

By Akash Mandal

 

MUMBAI - Mankind Pharma Ltd.'s consolidated net profit for the September quarter beat analyst estimates on the back of a strong performance in the cardiac and anti-diabetic segments. The company said revenue growth for the quarter was impacted by regulatory headwinds in certain key products in the acute segment and initiatives adopted by the company to enhance efficiency. 

 

Mankind Pharma reported a consolidated net profit of INR 6.53 billion for the latest quarter, up 30.4% from INR 5.01 billion a year ago. Sequentially, the net profit was up almost 22%. Analysts had expected the company to report a net profit of INR 5.94 billion. The company's revenue for the quarter was INR 30.77 billion, up 13.6% from INR 27.08 billion a year ago, and beat analysts' estimate of INR 30.45 billion. Sequentially, the revenue grew 6.3%. 

 

The company's other income was up 82.4% on year to INR 1.09 billion. The company's cost of materials consumed was INR 4.62 billion, down 2.5% on year and 2.3% sequentially. The company's revenue from exports was up 57% on year to INR 2.81 billion.

 

The company's total expenses for the quarter were INR 23.39 billion, up almost 10% on year. The company's other expenses were INR 7.05 billion, up 12.2% on year but down almost 8% sequentially. The depreciation and amortisation cost for the year was INR 1.06 billion, up 9.5% on year but down almost 2% sequentially. The company's total tax outgo for the period was INR 1.90 billion, up from 1.30 billion a year ago. 

 

For the September quarter, the company reported earnings before interest, taxes, depreciation, and amortisation of INR 8.53 billion, up 24.3% on year from INR 6.86 billion a year ago. The EBITDA margin for the quarter was 27.7%, down 240 basis points from the 25.3% it reported a year ago. The gross margin for the quarter was 71.6%, up from 69.5% a year ago, but down 30 basis points sequentially. 

 

The company said its secondary sales grew 8.6% on year, beating the growth of 8% seen by other players in the Indian pharmaceutical market. The company's sales volume grew by 1.3%, higher than the 0.4% growth seen in the industry. The company's prescriber penetration for the quarter was 83.5%, up from 83.2% a year ago. 

 

The company's chronic medication vertical outperformed the industry due to strong performance in the cardiac and anti-diabetic segments. The outperformance in the chronic medication vertical was due to the revenues for its insulin glargine offering Nobeglar being up 100% on year. The company also reported a 22% growth in respiratory inhalers, which includes both Combihale and Symbicort. The company also said it saw increased traction in the sales of Crenzlo-Inclisiran, used to limit cholestrol, during the quarter.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Vidhi Verma

 

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