India's Mankind Pharma's Q4 profit jumps on strength in chronic drugs segment

Mankind Pharma

15/05/2024 16:09

BENGALURU, May 15 (Reuters) - Indian pharmaceutical
company Mankind Pharma  MNKI.NS  posted a more than 65% rise in
its fourth-quarter profit on Wednesday, helped by strong
domestic demand in its chronic drugs segment.
    The company also approved a fundraise of up to 75 billion
rupees or an equivalent amount via issuance of shares under
qualified institutional placement, it said in an exchange
filing.
    Mankind, which makes acute and chronic therapeutics,
including anti-infectives and anti-diabetics, posted
consolidated profit at 4.71 billion rupees (about $56 million)
for the three months ended March 31, compared with 2.85 billion
rupees a year earlier.
    The company, also one of India's leading condom makers, saw
its revenue from operations rise nearly 19% to 24.41 billion
rupees, led by a 10% increase in its chronic therapies business
revenue.
    The company's chronic drug segment makes cardiac and
anti-diabetic drugs.
    During the quarter, Mankind had entered into an agreement
with AstraZeneca Pharma  ASTR.NS  for exclusive distribution of
asthma medicine for patients in India.
    "We have further strengthened our chronic product portfolio
with strategic in-house launches, coupled with in-licensing of
products like Symbicort — a globally renowned inhaler from
AstraZeneca," Managing Director Rajeev Juneja said in a
statement.
    Its popular consumer healthcare business segment, which
houses Manforce condom and Prega News pregnancy detection kit,
saw 2.9% growth in revenue.
    Mankind's revenue from export business jumped threefold
during the quarter, "aided by one-off opportunities in the
United States".
    Its earnings before interest, tax, depreciation and
amortization (EBITDA) margin expanded to 24.3% from 20.4% a year
ago.
    Shares of Mankind Pharma settled 2.6% lower on Wednesday
before the results were announced.
    

($1 = 83.4538 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by
Shilpi Majumdar)
 ((AshnaTeresa.Britto@thomsonreuters.com))