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.
