Mankind Pharma soars 9% as investors cheer stellar Q1 earnings

The drugmaker’s net profit surged 66.4 percent YoY to Rs 486.9 crore. The strong performance was aided by an industry-beating growth in the pharma segment

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Mankind Pharma soared 9 percent in the early trade on August 3, a day after the company reported a stellar set of numbers for the April-June quarter.

The drugmaker’s net profit surged 66.4 percent on year to Rs 486.9 crore. The bottomline was also supported by a robust increase in topline as revenue rose 18.3 percent on year to Rs 2,578.6 crore. The drugmaker clocked a revenue of Rs 2,180 in the base quarter.

At 9.28 am, Mankind Pharma was trading at Rs 1,835 on the National Stock Exchange, 5.5 percent higher from the previous close.

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Pharma segment steals the show

The strong performance was aided by industry-beating growth from the company’s pharma segment.

“The pharma segment outperformed the IPM (Indian pharma market) by 1.5 times, driven by volume-led growth and highest-ever chronic share,” Rajeev Juneja, Vice Chairman & Managing Director, said in a press release.

Mankind Pharma’s domestic business recorded growth of 14 percent on year, outperforming the 8.5 percent increase in the IPM in Q1. The company’s 4.3 percent volume growth also outpaced the 1.4 percent volume increase recorded by the IPM.

Much of the strong growth in the domestic market was driven by a strong run-up in sales within the chronic segment, which grew 17 percent on year. Moreover, exports also rose  214 percent on year, aided by some one-off opportunities in the US.

These positives helped the drugmaker sharply expand its operating profit margin to 25.4 percent from 20.9 percent in the base period.

The company plans to increase its share in the chronic segment by growing its presence in existing therapies (insulin glargine) and expanding into new therapies (respiratory, CNS, transplant).

Analysts anticipate the chronic segment to lead growth in the Indian pharma market.

The company also plans on expand its presence in metros and tier-I cities, further cementing its position as the top player in the prescription medicine segment.

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