Mumbai, India, 24 Jan, 2025: Mankind Pharma (BSE: 543904 | NSE: MANKIND) India’s fourth largest pharmaceutical Company today announced its financial results for the third quarter and nine months ended 31st December 2024. The information mentioned in this release is based on consolidated financial statements.
Mr. Rajeev Juneja – Vice Chairman & Managing Director
We achieved a healthy revenue growth of 24% YoY with strong adjusted EBITDA margin of 27.7% in Q3FY25, driven by continued outperformance in Chronic, strong recovery in OTC and consolidation of BSV.
30% YoY revenue growth in OTC business supported by strategic initiatives undertaken last year.
The integration of BSV is on track, with focus on mandate brands, improving productivity and adopting best practices to ensure long term sustainable growth.
2024 has been a transformative year – now having multiple building blocks – steady base business, fast growing specialty chronic segment, high potential OTC business, and high-entry barrier super specialty portfolio of BSV.
Q3 FY25 Performance Summary
- Revenue from Operations at INR 3,230 Cr, up by 24% YoY
- Domestic revenue at INR 2,773 Cr, up 17%, Exports at INR 457 Cr, up 121% YoY
- Adjusted EBITDA margin of 7% up by 430 bps YoY and PAT margin of 11.9%
- Diluted EPS of INR 4 down by 17% YoY (FV Re.1)
9M FY25 Performance Summary
- Revenue from Operations at INR 9,200 crore, up by 17% YoY
- Domestic revenue at INR 8,203 crore, up 12%, Export at INR 997 crore, up 83% YoY
- Adjusted EBITDA margin of 26.9% up by 210 bps YoY and PAT margin of2%
- Diluted EPS of INR 1, up by 9% YoY (FV Re.1)
Domestic Business
- Market share has increased from 4.4% in Mar-24 to 4.8% as of Dec-24 on account of BSV acquisition aided by leadership in Gynae ( 1 in IPM)
- Secondary sales growth of 5.0% vs 4% IPM growth impacted by
- Corrective measures adopted to enhance field force efficiency which has effected the overall growth across therapies
- Regulatory headwinds in certain key products in acute segment
- Growth partially supported by
- Continued outperformance in chronic growth vs IPM chronic – 3x in Cardiac and 1.1x in Anti-Diabetics
- Consistently maintained 1 rank over last 7 years with prescription share of 4%
- Prescriber Penetration increased by 130 bps to 4% in MAT Nov-24 from 83.1% in MAT Mar-24
Consumer Healthcare Business
- Strong revenue growth of 30% YoY in Q3FY25 supported by steady growth across all key brands
- Strong growth in secondary sales for Manforce Condom, Gas-o-fast and HealthOk of 13%, 28% and 26% YoY respectively
- Gaining strong traction in recent strategic launches: Manforce Epic (Premium category), Nimulid (Pain Management) etc.
Exports
- Revenue growth of 121% YoY driven by increase in our base business supported by new launches in last 12-24 months and consolidation of BSV
- Mankind (excl. BSV) has launched 1 product in Q3FY25 and 4 products in 9MFY25; taking the total launched products to 42 in US
Consolidated Profit & Loss Account
| In INR Crore | Q3 FY25 | Q3 FY24 | YoY% | Q2 FY25 | QoQ% |
| Revenue from Operations | 3,230 | 2,607 | 23.9% | 3,077 | 5.0% |
| Gross Margins % | 71.0% | 68.3% | 270 bps | 71.6% | (60 bps) |
| EBITDA | 833 | 611 | 36.4% | 853 | (2.3%) |
| EBITDA Margin % | 25.8% | 23.4% | 240 bps | 27.7% | (190 bps) |
| Adjusted EBITDA Margin% | 27.7% | 23.4% | 430 bps | 27.7% | – |
| PAT | 385 | 460 | (16.4%) | 659 | (41.6%) |
| PAT Margin % | 11.9% | 17.6% | (570 bps) | 21.4% | (950 bps) |
| Diluted EPS (INR) | 9.4 | 11.3 | (16.5%) | 16.3 | (42.0%) |
| Cash EPS (INR) | 14.2 | 14.1 | 1.1% | 18.9 | (24.9%) |
| In INR Crore | 9M FY25 | 9M FY24 | YoY% |
| Revenue from Operations | 9,200 | 7,894 | 16.5% |
| Gross Margins % | 71.5% | 68.7% | 280 bps |
| EBITDA | 2,372 | 1,957 | 21.2% |
| EBITDA Margin % | 25.8% | 24.8% | 100 bps |
| Adjusted EBITDA Margin% | 26.9% | 24.8% | 210 bps |
| PAT | 1,586 | 1,465 | 8.3% |
| PAT Margin % | 17.2% | 18.6% | (140 bps) |
| Diluted EPS (INR) | 39.1 | 35.9 | 8.7% |
| Cash EPS (INR) | 49.2 | 43.3 | 13.6% |
Segmental Revenue Break Up
| In INR Crore | Q3 FY25 | Q3 FY24 | YoY% | Q2 FY25 | QoQ% |
| Domestic | 2,773 | 2,400 | 15.5% | 2,796 | (0.8%) |
| · Consumer Healthcare | 193 | 149 | 29.5% | 232 | (16.8%) |
| Exports | 457 | 207 | 120.8% | 281 | 62.6% |
| Total | 3,230 | 2,607 | 23.9% | 3,077 | 5.0% |
| In INR Crore | 9M FY25 | 9M FY24 | YoY% |
| Domestic | 8,203 | 7,348 | 11.6% |
| · Consumer Healthcare | 631 | 550 | 14.7% |
| Exports | 997 | 546 | 82.6% |
| Total | 9,200 | 7,894 | 16.5% |