Mankind Pharma reported a better-than-expected second-quarter profit on Tuesday, driven by strong demand for its drugs to treat long-term illnesses, such as diabetes and cardiovascular diseases.
The company, which also makes Manforce condoms and Prega News pregnancy kits, said its consolidated net profit rose to Rs 653 crore for the quarter ended September 30, a 30% climb from last year. Analysts, on average, expected a profit of Rs 590 crore, as per data compiled by LSEG.
Revenue contribution from its mainstay chronic illness drugs segment climbed to 35% from 34%, driving total revenue 14% higher.
On November 5, Mankind Pharma's shares on BSE closed 0.81% lower at Rs 2,709 apiece.
Indian drugmakers such as Mankind Pharma and peer Torrent Pharma continue to benefit from steady domestic demand for their specialty drugs and those used to treat chronic illnesses.
These companies see higher demand for anti-infective medicines during the second quarter as people tend to fall sick more during the monsoons.
Last week, Torrent Pharma missed second-quarter profit estimates, hurt by the shutdown of an insulin manufacturing facility.
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