Mankind Pharma’s net profit in March quarter up y-o-y by 62%

16 May 2024 , 12:57 PM

Mankind Pharma on Wednesday announced a 62% year-on-year (YoY) increase in net profit to ₹477 Crore in Q4FY24, driven by strong domestic formulation sales and US exports.

The drugmaker posted a net profit of ₹294 Crore for the same time last year.

In Q4FY24, revenue from operations increased by 18.9% year on year to ₹2,441 Crore. Revenues fell 6.4% quarter over quarter (QoQ).

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 41.5% YoY to ₹594 Crore. The EBITDA margin increased by 390 basis points YoY to 24.3%.

For the whole fiscal year, or FY24, income from operations jumped 18% to ₹10,335 Crore, while net profit increased 48% to ₹1,942 Crore. The EBITDA for FY24 was 24.7%.

The company’s net cash balance is ₹3,260 Crore as of March 31, 2024.

Domestic business, which includes branded formulations and consumer healthcare, grew by 10.2% to ₹2,174 Crores in Q4 FY24. The consumer health industry increased 2.6% to ₹156 Crore.

Mankind ranks fourth in the Indian pharmaceutical industry, with a 4.5% share in Q4FY24.

Mankind ranks fourth in the Indian pharmaceutical industry, with a 4.5% share in Q4FY24. Mankind’s share of chronic medicines climbed to 36% in FY24 from 34% in FY23.

Exports increased 230% YoY to ₹267 Crore in Q4FY24, driven by one-time possibilities in the US market. During the quarter, Mankind debuted four new goods in the United States, bringing the total number of launched items to 39 as of March 2024.

At around 12.53 PM, Mankind Pharma was trading 5.06% lower at ₹2,079 per piece, against the previous close of ₹2,190.75 on NSE. The counter touched an intraday high and low of ₹2,299, and ₹2,060, respectively.

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