Earnings Review
Mankind Pharma revenue rises but cost spike drags down PAT
This story was originally published at 21:32 IST on 31 July 2025
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By Janwee Prajapati
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--Mankind Pharma Apr-Jun consol PAT INR 4.38 bln vs INR 5.36 bln year ago
--Analysts saw Mankind Pharma Apr-Jun consol net profit at INR 4.47 bln
--Mankind Pharma Apr-Jun consol revenue INR 35.70 bln vs INR 28.68 bln yr ago
--Mankind Pharma to pay INR 1 per share interim dividend
--Mankind Pharma interim dividend record date is Aug 8
--Mankind Pharma to acquire arm's women health-related branded generic ops
--Mankind Pharma board OKs raising up to INR 10 bln via CPs, others
MUMBAI – Mankind Pharma reported a fall in net profit for the June quarter despite revenue rising a smart 24% because expenses rose by an even higher 35%. The rise in expenses was largely due to the increase in employee costs and finance cost, both of which rose by more than INR 1.50 billion each, and an increase of INR 1.00 billion-plus in raw material costs and depreciation. The increase in total costs for the quarter was just above INR 8.00 billion, higher than the INR 7.00 billion increase in revenue. The company missed the Street's expectations on both the bottom line as well as revenue.
The company reported a consolidated net profit of INR 4.38 billion for the June quarter, down 18% from INR 5.36 billion a year ago. The total revenue from operations was INR 35.70 billion, up 24.5% from INR 28.68 billion a year ago. The company's total expenses were INR 31.13 billion for the reporting quarter, up 35% from INR 23.10 billion in the year-ago quarter.
The company said it will raise up to INR 10.00 billion through unsecured instruments, including commercial paper, in one or more tranches.
The company reported consolidated earnings before interest, tax, depreciation, and amortisation of INR 8.50 billion, up 25.8% from INR 6.75 billion a year ago. Mankind Pharma's EBIDTA margin for the reporting quarter was 23.8%, up 20 bps from a year ago. The company's gross margin was 70.5%, down 130 bps on year.
The company's domestic revenue was INR 31.01 billion, up 18.9% on year. Its export revenue was INR 469 million, up 81% on year. Domestic revenue growth was driven by steady growth in the company's base business and consolidation of the accounts of Bharat Serum and Vaccines. The company said it had launched one product in the US, taking the total number of products launched in the country to 45.
The company outperformed the market in volume growth. Respiratory segment volumes grew 17.8% whereas volumes in the anti-infective segment grew 9.1% in the reporting quarter. Volume growth in both segments outperformed the Indian pharmaceutical market growth.
The company's chronic segment, which includes cardiac and anti-diabetic drugs, continued to perform well. The consumer healthcare business revenue grew 15% on year due to steady growth across all key brands. The share of modern trade and e-commerce in the company's revenue rose to 11% from 9% a year ago. Strong growth was reported in secondary sales as well, the company said.
The company's share in the domestic market rose to 4.9% at the end of June from 4.8% at the end of March, primarily as it performed better than peers across almost all therapy areas. Mankind Pharma said it maintained its 15.4% share of the prescription sales market. "BSV (Bharat Serum and Vaccines) growth initiatives are making steady progress and we remain confident of delivering healthy performance this year onwards," Rajeev Juneja, vice-chairman and managing director, said in a press release.
The company aims to increase its presence in the chronic therapy segment, which includes the diabetes and respiratory diseases segments, and expansion into new therapies such as urology and the central nervous system segment. The company also plans to focus on expanding its superspeciality portfolio, increasing penetration in metropolitan and Tier-I cities, expanding consumer healthcare business, and focusing on research and development.
Thursday, shares of Mankind Pharma closed marginally down at INR 2,567.20 on the National Stock Exchange before the company announced its earnings. End
Edited by Rajeev Pai
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