India's Mankind Pharma falls after Macquarie cuts to 'underperform', trims PT

Mankind Pharma

21/01/2025 07:24

** Shares of Mankind Pharma  MNKI.NS  shed ~4% to 2,601.60
rupees
    ** Macquarie downgrades stock to "underperform", cuts PT to
2,150 rupees from 2,300 rupees 
    ** Macquarie's PT second-lowest on Street - LSEG
    ** MNKI's domestic formulations business hurt due to slower
growth in acute therapies, which makes up ~60% of MNKI's
revenue, Macquarie says
    ** Adds, while management expects strong growth and improved
profitability from Bharat Serums and Vaccines acquisition in
near term, brokerage highlights uncertainty over execution
    ** Brokerage says BSV acquisition would add to revenue
growth but would weigh on profit growth
    ** Significant margin expansion from BSV acquisition is
challenging due to lower gross margins and different selling
channel for BSV's products - Macquarie
    ** Analysts' average rating on MNKI at "buy"; median PT is
2,852.50 rupees - LSEG data


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))