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Mankind Pharma reports 66 percent jump in Q1 profit

Ruchika SharmaWritten by Ruchika Sharma Published On 2023-08-03T14:30:07+05:30  |  Updated On 3 Aug 2023 2:30 PM IST
Mankind Pharma Slapped With Rs 46.32 Lakh Fine in GST Order
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Revenue from operations rose 18.3 percent to 25.79 billion rupees.

Hyderabad: India's Mankind Pharma Ltd posted a 66% jump in June-quarter profit on Wednesday, its second quarterly results since listing in May this year, helped by strong domestic sales and continued growth in the company's chronic drugs segment.

The country's fourth-largest pharmaceutical company by domestic sales said its profit rose to 4.94 billion rupees (around $60 million) in the first quarter ended June 30, compared to 2.98 billion rupees (around $36 million) a year earlier.

Revenue from operations rose 18.3% to 25.79 billion rupees. It was backed by a 13.6% rise in its domestic business revenue, which accounts for most of the overall revenue, to 24.2 billion rupees.

"The pharma segment outperformed the Indian pharma market by 1.5X, led by volume growth and highest ever chronic (drugs) share," Rajeev Juneja, Mankind Pharma's vice Chairman and Managing Director, said on Wednesday.

The chronic drugs segment's share of domestic sales rose to 36% in the quarter from 34% a year earlier, the Delhi-based company said.

In May, Mankind Pharma said it would be banking on growth in the segment, which includes cardiovascular, anti-diabetic and respiratory drugs among many others.

Revenue from its popular consumer healthcare business segment, comprising brands such as Manforce male condoms and Prega News pregnancy test kits, also rose 7.8% to 2.08 billion rupees. The Manforce condom brand competes with Reckitt Benckiser Group's Durex and TTK Group's Skore.

Read also: Mankind Pharma success boosts hopes of more consumer IPOs in India

mankind pharmamankind pharma newsQ1 profitfinancial results
Source : Reuters
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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