Mankind Pharma shares surged 6% to hit fresh highs on Wednesday, November 6, following strong September quarter results. The company posted a sharp spike in profit for the September quarter, driven by demand for chronic illness treatments like diabetes and cardiovascular medications.

However, the stock later eased gains and was up 0.5%.

Mankind Pharma shares opened at ₹2,850.05 on the BSE, gaining 5% from the previous close of ₹2,714.4. The stock continued its momentum, reaching an all-time high of ₹2,882.75, reflecting a 6.2% rise.

The stock has gained 64% from its 52-week low of ₹1,750.15 on the BSE.

In a stock exchange filing on Tuesday, the company reported a 30% increase in consolidated net profit to ₹653 crore in the September quarter from ₹501 crore in the year-ago period.

Revenue from operations climbed 13.6% to ₹3,076.5 crore from ₹2,708.1 crore in the corresponding period of the preceding fiscal.

Revenue from chronic illness drugs rose to 35% of total sales, boosting overall revenue by 13.6%.

Mankind Pharma reported a 24.5% year-over-year surge in EBITDA to ₹850 crore in Q2, up from ₹682.6 crore in the same quarter last year. Domestic revenue rose to ₹2,796 crore, reflecting an 11% increase, while exports grew by 57% to ₹281 crore, underscoring robust demand across markets.

The drug firm's consumer healthcare division saw a strong 20% revenue growth year-on-year, fueled by leading brands like Manforce, Gas-o-fast, and HealthOk. This growth was supported by rapid expansion across modern retail, e-commerce, and quick-commerce platforms. Secondary sales for Manforce increased by 15%, Gas-o-fast by 28%, and HealthOk by 27%, reflecting the brands' robust market demand and solidifying their presence in the healthcare segment.

Around 10:30 am, Mankind Pharma shares were trading 0.58%% higher at ₹2,729.90 apiece at 10.50 am on Wednesday, November 6. The stock has gained 37.93% this year, so far.

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Published on November 6, 2024, 11:00:12 AM IST