Manforce condoms maker Mankind Pharma posts 66% jump Q1 profit

HYDERABAD (Reuters) – India’s Mankind Pharma Ltd posted a 66% jump in June-quarter profit on Wednesday, its second quarterly results since listing in May this year, helped by strong domestic sales and continued growth in the company’s chronic drugs segment.

The country’s fourth-largest pharmaceutical company by domestic sales said its profit rose to 4.94 billion rupees (around $60 million) in the first quarter ended June 30, compared to 2.98 billion rupees (around $36 million) a year earlier.

Revenue from operations rose 18.3% to 25.79 billion rupees. It was backed by a 13.6% rise in its domestic business revenue, which accounts for most of the overall revenue, to 24.2 billion rupees.

“The pharma segment outperformed the Indian pharma market by 1.5X, led by volume growth and highest ever chronic (drugs) share,” Rajeev Juneja, Mankind Pharma’s vice Chairman and Managing Director, said on Wednesday.

The chronic drugs segment’s share of domestic sales rose to 36% in the quarter from 34% a year earlier, the Delhi-based company said.

In May, Mankind Pharma said it would be banking on growth in the segment, which includes cardiovascular, anti-diabetic and respiratory drugs among many others.

Revenue from its popular consumer healthcare business segment, comprising brands such as Manforce male condoms and Prega News pregnancy test kits, also rose 7.8% to 2.08 billion rupees. The Manforce condom brand competes with Reckitt Benckiser Group’s Durex and TTK Group’s Skore.

Shares of Mankind Pharma closed at 1.7% lower on Wednesday at 1,739.80 rupees, ahead of the results. The stock has risen 61% from its offer price of 1,080 rupees.

($1 = 82.5930 Indian rupees)

(Reporting by Rishika Sadam; Editing by Janane Venkatraman)