Feb 3 (Reuters) – Indian drugmaker Mankind Pharma reported a higher third-quarter profit on Tuesday, driven by strong domestic demand for its drugs used for treating long-term illnesses.
The company, which makes Gas-O-Fast antacid tablet and Manforce condoms, said its consolidated net profit climbed to 4.09 billion rupees ($45.3 million) for the quarter ended December 31, from 3.8 billion rupees a year ago.
Overall revenue rose 11.5% to 35.67 billion rupees, led by a 200-basis-point increase in the market share of its chronic illness drugs in India to 39.3%.
For further earnings highlights, click.
KEY CONTEXT
The Indian pharmaceuticals market grew 11% in the December quarter, led by strong demand for cardiovascular, anti-diabetic and anti-infective therapies, according to data from India Ratings and Research.
Mankind Pharma said its market share gains in the chronic segent were driven by strong growth in its cardiac and anti-diabetes portfolio, which each expanded 16.7% and 14.4%.
This benefitted the company, which relies on the sales of these drugs and comprise a large part of its revenue.
PEER COMPARISON
Estimates (next 12 Analysts’ sentiment
months)
RIC PE EV/EBI Revenue Profit Mean # of Stock to
TDA growth growth rating* analyst price
(%) (%) s target**
Mankind Pharma Ltd 34.55 21.51 12.66 24.43 Buy 16 0.78
Torrent 47.45 27.08 14.07 20.47 Buy 29 0.98
Pharmaceuticals
Ltd
Glenmark 24.02 14.76 6.56 -3.32 Buy 9 0.88
Pharmaceuticals
Ltd
J B Chemicals and 32.58 21.70 11.83 17.23 Buy 9 0.91
Pharmaceuticals
Ltd
* The mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT
OCTOBER TO DECEMBER STOCK PERFORMANCE
— All data from LSEG
— $1 = 90.2130 Indian rupees
(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
