BENGALURU (Reuters) – India’s Mankind Pharma posted first-quarter profit below expectations on Wednesday, as higher costs offset strong demand for its drugs.
The company, which makes Manforce condoms and Prega News pregnancy kits, said its consolidated net profit rose 10% to 5.36 billion rupees ($64 million) for the quarter ended June 30, missing analysts’ average estimates of 5.77 billion rupees, as per LSEG data.
Revenue from operations rose about 12% to 28.93 billion rupees, but expenses rose 15.5%.
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KEY CONTEXT
Mankind Pharma’s June quarter profit was hurt by rising costs, mainly employee-related expenses, even as Indian drugmakers have been benefiting from strong domestic demand for their specialty drugs.
The company, which makes anti-infectives and drugs for treating respiratory illnesses, also said that growth was partially impacted due to a delay in the flu season.
PEER COMPARISON
Estimates (next 12 Analysts’ sentiment
months)
RIC PE EV/EBI Revenue Profit Mean # of Stock to Div
TDA growth (%) growth (%) rating* analysts price yield
target** (%)
Mankind Pharma 36.62 26.95 12.55 17.74 Buy 13 0.96 NULL
Torrent 46.87 25.91 12.81 25.39 Buy 26 1.08 0.92
Pharmaceuticals
Glenmark 28.27 15.22 14.90 NULL Buy 11 1.27 0.18
Pharmaceuticals
Sun Pharmaceutical 33.34 24.51 10.24 10.91 Buy 30 1.00 0.85
Industries
* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
APRIL TO JUNE STOCK PERFORMANCE
— All data from LSEG
— $1 = 83.7234 Indian rupees
(Reporting by Kashish Tandon in Bengaluru)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.