India's Mankind Pharma beats profit estimates on demand for drugs to treat chronic illnesses
May 21 (Reuters) - Indian drugmaker Mankind Pharma (MNKI.NS), opens new tab reported a fourth-quarter profit that beat analysts' estimates on Wednesday, driven by strong domestic demand for its drugs to treat long-term illnesses.
The company, which makes 'Gas-O-Fast' antacid tablets and 'Manforce' condoms, reported a 10.7% drop in consolidated net profit of 4.21 billion rupees ($49.2 million) for the quarter ended March 31.
However, that was higher than analysts' average estimates of 3.60 billion rupees, according to data compiled by LSEG.
Overall revenue climbed 27% to 30.79 billion rupees. Its domestic market share of chronic illness drugs increased to 39.2% from 37.5%.
For further earnings highlights, click
KEY CONTEXT
The Indian pharmaceutical market grew 7% during the quarter, led by a 9% jump in the chronic segment, according to IQVIA data.
This benefitted Mankind Pharma and its peer Torrent Pharma (TORP.NS), opens new tab, which rely on their drugs to treat long-term conditions, such as diabetes and hypertension, for most of their sales.
Moreover, Mankind said gains from its $1.6 billion acquisition of Bharat Serums and Vaccines, further boosted results.
Torrent Pharma (TORP.NS), opens new tab, however, missed quarterly profit estimates due to currency depreciation in Brazil.
PEER COMPARISON
* 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
JANUARY TO MARCH STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 85.5320 Indian rupees
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