Mankind Pharma Q2 Profit Soars 30% To Rs 653 Crore

India’s Mankind Pharma reported a stronger-than-expected profit for the second quarter of FY24, driven by higher demand for its medications targeting long-term health conditions like diabetes and cardiovascular diseases.

For the quarter ending September 30, the company’s consolidated net profit reached Rs 653 crore ($77.

7 million), marking a 30% increase compared to the same period last year.

This figure exceeded analysts’ estimates, which had forecasted a profit of Rs 590 crore, according to LSEG data.

The growth was fueled by a rise in revenue from its key chronic illness drugs segment, which now accounts for 35% of total revenue, up from 34% last year.

This increase contributed to an overall 14% revenue growth for the quarter.

Mankind Pharma, which also produces Manforce condoms and Prega News pregnancy kits, continues to benefit from the steady demand for its diverse product portfolio.

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