Mankind Pharma Q4 and Year ending FY 23 concall highlights-
FY 23 outcomes-
Total sales- 8750 cr, up 12 pc
EBITDA- 1913 cr vs 1991 cr, Margins @ 22 vs 26 pc
PAT at 1310 vs 1453 cr
Domestic sales at 97 pc of total
Cash flow from Operations at 1813 cr
Cash on books- 1366 cr
Q4, FY 23 outcomes-
Revenues at 2053 cr, up 19 pc yoy
EBITDA at 419 cr, up 45 pc yoy. Margins at 20.4 vs 16.8 pc
PAT at 294 cr, up 52 pc yoy
Rank in domestic mkt- 4th
Share of sales from chronic therapies at 35 pc vs 32 pc in FY 20
No of MRs – 11540
Sales/MR- 6 lakh/month
No of brands with sales > 100 cr at 20 brands vs 13 brands in FY 20
Consumer healthcare business –
Sales at 692 vs 590 cr for FY 23
Leading brands with category ranks-
Manforce, #1
Preganews, #1
Gas O Fast, #2
Unwanted 72, #1
Health OK, #8
Acne Star, #1
Export sales at 296 vs 187 cr for FY 23
Focus is on differentiated filings for exports
New integrated API+Formulation plant to go commercial in H1 FY24
Capex spends for FY 23 at 832 cr
Had acquired Panacea Biotech’s domestic formulations business for 1808 cr in FY 22
75pc of all of Mankind’s formulations are made in-house
For FY23, Mankind’s domestic sales were up 11.5 pc vs IPM growth of 8 pc
Standout growth in-
Cardiovascular@ 17 pc
Gynaecology@ 27 pc
Anti-Infectives@ 13 pc
FY 23 EBITDA margins at 22 vs 26 pc YoY due high RM costs in H1
Medium term targets – to grow at 1.3-1.4 times IPM and maintain EBITDA margins in the range of 24-26 pc
11 of Mankind’s brands clock annual sales>200cr
Mankind’s total Mkt share at 4.5 pc, No4 in IPM
Gross margins should improve to around 69 pc vs 67 pc in Q4 due price hikes
Cash on Books to be used for inorganic acquisitions
IPM projected to grow at 10-11 pc CAGR for next 3-5 yrs led by Cardiovascular, Derma, Gynae and Anti-Biotic therapies
Most of the high cost RM inventory out of the system. Should start to see benefits of lower RM costs from Q1
Panacea business was underperforming during most of FY 22,23. Its now picking up, wef Q4. Expect good growth in Panacea’s portfolio in FY 24
H1 vs H2 revenue share for the company stays at around 53:47. Hence, H1 generally has better EBITDA margins than H2
Tax rates to remain in 22-23 pc range for next 2-3 yrs
Broad thumb rule for Organic capex – 85 pc vs 15 pc for growth vs maintenance capex
Currently, the capacity utilisation across company’s plants are low vs industry standards. More benefits shall flow in as this improves
Very bullish about Panacea’s product portfolio going forward. The integration phase is over. The growth should be clearly visible wef Q1
Disc: initiated a tracking position in the last 2 days
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