Mankind Pharma reports 55% YoY growth in PAT for Q3FY24

Mankind Pharma reports 55% YoY growth in PAT for Q3FY24
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Highlights

Mankind Pharma (BSE: 543904 | NSE: MANKIND) India’s fourth1 largest pharmaceutical Company today announced its financial results for the third quarter and nine months ended 31st December 2023.

New Delhi, India: Mankind Pharma (BSE: 543904 | NSE: MANKIND) India’s fourth1 largest pharmaceutical Company today announced its financial results for the third quarter and nine months ended 31st December 2023. The information mentioned in this release is based on consolidated financial statements.

Q3 FY24 Performance Summary

· Revenue from Operations at INR 2,607 crore, 25% YoY growth

o Domestic revenue at INR 2,400 crore, 20% YoY growth

o Export revenue at INR 207 crore, 118% YoY growth

· EBITDA at INR 611 crore, 39% YoY growth with margin of 23.4% (up 240 bps YoY)

· PAT at INR 460 crore, 55% YoY growth with margin of 17.6% (up 350 bps YoY)

· Diluted EPS of INR 11.3, 59% YoY growth (FV Re.1)

9M FY24 Performance Summary

· Revenue from Operations at INR 7,894 crore, 18% YoY growth

o Domestic revenue at INR 7,348 crore, 13% YoY growth

o Export revenue at INR 546 crore, 154% YoY growth

· EBITDA at INR 1,957 crore, 31% YoY growth with margin of 24.8% (up 250 bps YoY)

· PAT at INR 1,465 crore, 44% YoY growth with margin of 18.6% (up 340 bps YoY)

· Diluted EPS of INR 35.9, 44% YoY growth (FV Re.1)

· Cash flow from operations of INR 1,636 crore, 23% YoY growth

· Net cash balance of INR 2,756 crore as on 31st December 2023

Operational Highlights

1. Domestic Business

• Domestic Business witnessed a strong growth of 20%* YoY during Q3FY24 primarily driven by out-performance in chronic therapies (1.5x to IPM), recovery in anti-infectives (13.8% YoY vs 9.5% in IPM), further bolstered by strong growth in modern trade and hospital sales

• Mankind secondary sales growth was ~9% vs 8.3% for IPM in the quarter and 8.6% vs 8.2% for IPM in 9MFY24

• We maintained our rank #4 with market share of 4.5% in Q3FY24 vs 4.5% in Q3FY23

• Ranked #2 in CVM with market share of 6.6% in Q3FY24 versus 6.5% in Q3FY23

• Chronic growth of 12.2% versus 9.5% IPM Chronic growth in Q3FY24 indicates outperformance of 1.3x as compared to IPM

• Increased chronic share by 130bps to 35% in 9MFY24 YoY ( vs 34%)

• #1 rank in prescription with more than 15.3% market share in Q3FY24

• Prescriber Penetration increased to 83.4% in Q3FY24 from 83.2% in Q2FY23

As per IQVIA; * denotes reported number

2. Consumer Healthcare Business

• Consumer Healthcare segment revenue declined during the quarter due to

• initiatives taken in last quarter towards optimization of channel inventory;

• implementation of IT tools to facilitate stockist consolidation

• We continue to witness strong growth in secondary / tertiary sales in our key brands further enhancing our market share

• Focus on increasing rural penetration in key brands Gas-o-Fast® and Prega News®

3. Exports

• Exports business witnessed a growth of 118% YoY in Q3FY24 aided by certain one-off opportunities in the US

Consolidated Profit & Loss Account

In INR Crore Q3 FY24 Q3 FY23 YoY% Q2 FY24 QoQ%
Revenue from Operations 2,607 2,091 24.70% 2,708 -3.70%
Gross Margins % 68.30% 67.60% 70 bps 69.50% (120 bps)
EBITDA 611 440 39.10% 686 -10.90%
EBITDA Margin % 23.40% 21.00% 240 bps 25.30% (190 bps)
PAT 460 296 55.50% 511 -10.00%
PAT Margin % 17.60% 14.10% 350 bps 18.90% (130 bps)
Diluted EPS (INR)* 11.3 7.1 59.40% 12.5 -9.40%
Cash EPS (INR)* 14.1 9.2 52.60% 14.9 -5.70%

*Diluted EPS and Cash EPS not annualised

In INR Crore 9M FY24 9M FY23 YoY%
Revenue from Operations 7,894 6,696 17.90%
Gross Margins % 68.70% 66.60% 210 bps
EBITDA 1,957 1,494 31.00%
EBITDA Margin % 24.80% 22.30% 250 bps
PAT 1,465 1,016 44.20%
PAT Margin % 18.60% 15.20% 340 bps
Diluted EPS (INR)* 35.9 24.9 44.50%
Cash EPS (INR)* 43.3 30.9 40.00%

*Diluted EPS and Cash EPS not annualised

Segmental Revenue Break Up

In INR Crore Q3 FY24 Q3 FY23 YoY% Q2 FY24 QoQ%
Domestic 2,400 1,996 20.20% 2,529 -5.10%
· Consumer Healthcare 149 157 -4.80% 193 -22.80%
Exports 207 95 117.90% 179 15.60%
Total 2,607 2,091 24.70% 2,708 -3.70%


In INR Crore 9M FY24 9M FY23 YoY%
Domestic 7,348 6,481 13.40%
· Consumer Healthcare 550 540 1.90%
Exports 546 215 154.00%
Total 7,894 6,696 17.90%

Earning Concall Details

Date 2nd February, 2024
Time 12 Noon IST
Universal Access Numbers +91-22-6280 1102 / +91-22-7115 8003
Diamond Pass


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