₹771 Crore Block Deal Shakes Up Mankind Pharma Stock

10 Jul 2024 , 10:14 AM

On July 10, about 37 lakh shares, or 0.9% of Mankind Pharma’s equity, were sold in block agreements for a total of ₹771 core.

The participants to the sale were not immediately disclosed, but earlier, CNBC-TV18 revealed that Hema CIPEF, a subsidiary of the Capital Group, was looking to sell a 0.9% share in the drugmaker.

Mankind Pharma’s stock increased by more than 4% after the block deal. Mankind Pharma’s shares were trading at ₹2,169 on the NSE at 09.23 am.

According to Mankind Pharma’s most recent shareholding data, Hema CIPEF has a 2.22% investment in the pharmaceutical.

According to the report, Kotak Securities Ltd. and IIFL Capital Services Ltd. handled the block deals and served as the transaction’s book runners and brokers.

Mankind Pharma’s net profit for the fiscal year ended March 24, 2024, increased 65.1% year over year to ₹471.2 Crore from ₹285.4 Crore during the same period in the previous year.

The company’s sales increased from ₹2,052.7 Crore to ₹2,441.1 Crore in a year, a 19% increase. Additionally, operating profit (EBITDA) increased by 41.8% to ₹591.1 Crore from ₹416.7 Crore in the base quarter. In addition, its EBITDA margin increased from 20.3% in the previous fiscal year to 24.2% in Q4 of FY24.

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