Mankind Pharma on Tuesday recorded second quarter earnings for the financial year 2023-24 with profit at Rs 501.03 crore, up 19.4 per cent in comparison to Rs 419.71 crore during the same period last year, on the back of robust performance across segments. It posted revenue from operations at Rs 2708.10 crore, 11.6 per cent as against Rs 2425.84 crore during the second quarter of FY23.
While the domestic revenue was recorded at Rs 2529 crore, up by 7 per cent YoY, export revenue came in at Rs 179 crore, up by 159 per cent on-year. The company EBITDA revenue was at Rs 686 crore, up 15 per cent on-year, with margin of 25 per cent. Cash flow from operations, meanwhile, was at Rs 481 crore.
Rajeev Juneja, Vice Chairman & Managing Director, Mankind Pharma, said, “ We continue to report steady performance with revenue/ EBITDA and PAT growing by 12 per cent/ 15 per cent and 21 per cent YoY respectively. While the Pharma segment has grown at par with IPM (vs outperformance earlier), due to delayed acute season, we expect to outperform IPM given strong chronic growth and uptick in season. Focus to increase our chronic share led to outperformance of 1.4x versus IPM Chronic growth in H1FY24. The past strategic choices in various aspects of our business are showing success, and we are confident in our ability to consistently surpass the industry growth in future.”
Mankind Pharma Q2 performance across segments
Mankind Pharma’s domestic business achieved a YoY growth of 7 per cent during Q2FY24. “Our secondary sales registered a muted growth of 5 per cent, as compared to 7 per cent growth in the Indian Pharma Market (IPM) primarily due to delayed acute season,” the company said. Secondary sales volume growth, meanwhile, declined to 4.6 per cent as compared to 0.3 per cent for the IPM, due to the delayed acute season. While Mankind chronic growth was up 10 per cent as compared to IPM chronic growth of 9 per cent in Q2FY24, prescriber penetration increased to 83 per cent in Q2FY24 from 81 per cent in Q2FY23.
The Consumer Healthcare segment witnessed a muted growth during the quarter due to initiatives taken towards optimization of channel inventory, and implementation of IT tools to facilitate stockist consolidation. “We witnessed mid-teen growth in secondary sales and have outperformed in various brand categories thereby maintaining our market share. We are pursuing product line extensions in certain established brands. For instance, PregaNews has now evolved into an ‘Expert Pregnancy Care Partner’ to cater to the needs of women, during different phases of pregnancy,” it said. The company is also increasing presence across modern trade, e-commerce and Q-commerce channels. It is also focusing on increasing rural penetration in key brands Manforce Condoms, Prega News, Gas-o-Fast and HealthOkTM.
Meanwhile, exports business witnessed a growth of 159 per cent YoY in Q2FY24 aided by certain one-off opportunities in the US. In addition to the US, the company is also exporting to other high-growth countries including Sri-Lanka, Nepal, Uganda, Kenya, etc.