Mankind Pharma reports 66% surge in Q1 profit

Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million.

The surge in profit was fueled by robust domestic sales and remarkable expansion in the chronic drug segment. Mankind Pharma's impressive revenue rose by 8.3 per cent, reaching almost $311 millionin the April-June quarter.

This substantial revenue and profit growth comes after the company's successful listing in May 2023.

The company's pharma segment outperformed the Indian pharma market by 1.5x,led by volume growth and highest ever chronic (drugs) share. Notably, the share of chronic drugs segment indomestic sales rose to 36 per centin the April-June quarter.

The revenue from the domestic business rose 13.6 per cent to reach $292 millionin the quarter that ended on June 30.

The company'sconsumer healthcare business division, home to brands like Manforce and Prega News, recorded a rise of 7.8 per cent in total revenue, amounting to $25 million.

The Manforce condom brand competes alongside global giants like Durex from Reckitt Benckiser Group and Skore from TTK Group.

Looking forward, the company's focus remains on distinctive filings, including important market in-licensing. The new integrated bulk medicine and formulation production factory is scheduled to open in September. The firm is also looking at exporting dydrogesteroneto important markets.

Dydrogesterone is a progestogen that is used to treat progesterone shortages or irregular periods in women, as well as other symptoms caused by excessive estrogen activity.

Mankind Pharma's stocks have surged by a remarkable 61 per centfrom the initial offer price of $13.07, highlighting investor confidence.

(With inputs from agencies)

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