Mankind Pharma –
FY 24 results and Q4 concall updates –
Q4 financial outcomes –
Revenues – 2441 vs 2053 cr ( up 19 pc )
EBITDA – 594 vs 419 cr ( up 42 pc, margins @ 25 vs 20 pc )
PAT – 477 vs 294 cr ( up 62 pc )
FY 24 financial outcomes –
Revenues – 10335 vs 8749 cr ( up 18 pc )
EBITDA – 2550 vs 1913 cr ( up 33 pc, margins @ 24.7 vs 21.9 pc )
PAT – 1942 vs 1310 cr ( up 48 pc )
Net cash on balance sheet @ 3260 cr
Three of company’s brands crossed 100 cr/yr revenues taking the total brands with > 100 cr/yr revenues to 23 !!! Another 40 brands generate sales > 50 cr/yr
Share of chronic portfolio increased to 37 vs 35 pc – thus helping margins. In-licensed Astra Zeneca’s Symicort to boost their chronic portfolio
FY 24 capex spends @ 390 cr
Domestic revenues @ 9522 vs 8453 cr ( up 13 pc )
Consumer healthcare / OTC business revenues @ 706 vs 692 cr. Sluggish growth in this segment due optimisation of channel inventories. Key brands include – Gas O Fast, PregaNews, AcneStar, ManForce, Unwanted72, HealthOK
Exports revenues in FY 24 grew by a whopping 175 pc from 296 to 813 cr YoY ( aided by one off opportunities in US ). Launched 4 new products in US taking the total products in US to 39
Mankind Pharma –
FY 24 results and Q4 concall updates –
Q4 financial outcomes –
Revenues – 2441 vs 2053 cr ( up 19 pc )
EBITDA – 594 vs 419 cr ( up 42 pc, margins @ 25 vs 20 pc )
PAT – 477 vs 294 cr ( up 62 pc )
FY 24 financial outcomes –
Revenues – 10335 vs 8749 cr ( up 18 pc )
EBITDA – 2550 vs 1913 cr ( up 33 pc, margins @ 24.7 vs 21.9 pc )
PAT – 1942 vs 1310 cr ( up 48 pc )
Net cash on balance sheet @ 3260 cr
Three of company’s brands crossed 100 cr/yr revenues taking the total brands with > 100 cr/yr revenues to 23 !!! Another 40 brands generate sales > 50 cr/yr
Share of chronic portfolio increased to 37 vs 35 pc – thus helping margins. In-licensed Astra Zeneca’s Symicort to boost their chronic portfolio
FY 24 capex spends @ 390 cr
Domestic revenues @ 9522 vs 8453 cr ( up 13 pc )
Consumer healthcare / OTC business revenues @ 706 vs 692 cr. Sluggish growth in this segment due optimisation of channel inventories. Key brands include – Gas O Fast, PregaNews, AcneStar, ManForce, Unwanted72, HealthOK
Exports revenues in FY 24 grew by a whopping 175 pc from 296 to 813 cr YoY ( aided by one off opportunities in US ). Launched 4 new products in US taking the total products in US to 39
Aim to continue to grow at 1.3-1.4 time the IPM growth. Company is ranked No 4 in IPM by value. However, its ranked no – 1 going by no of prescriptions ( this is a big achievement and goes to show the extent of company’s penetration among the doctor’s fraternity )
Actively looking out for high entry barrier – acquisition targets to utilise cash on books
Company expects OTC brands to grow in mid teens in FY 25 as one time inventory corrections are now over
Gross margins for full FY 24 at 69 vs 66 pc YoY – very health levels
Guiding for an EBITDA margin range of 25-26 pc for FY 25
The EBITDA margins for export business is comparable to company level EBITDA margins
Expect to grow export business in mid-teens in near future. Aim to get 5-7 approvals / yr in US
Expect 3-4 pc growth contribution in next FY from new product launches – as the company’s new product pipeline for FY 25 is exiting ( including 1-2 big in-licensing opportunities like Symbicort )
At present, only 15 pc of company’s portfolio is under NLEM
Mankind had acquired Panacea Bio’s formulations business in FY 22. That portfolio is growing > 25 pc CAGR. Overall, it has proven to be a very successful acquisition
Astra-Zeneca out-licensing its blockbuster drug to Mankind Pharma alone speaks volumes about company’s distribution and execution capabilities
At present, about 75 pc of company’s products are manufactured in house. Rest are outsourced
As the chronic share in overall sales keeps growing, EBITDA margins should improve over medium term
Aim to maintain the Domestic : International business mix at 90 : 10 in medium term. Not planning to acquire anything in the international mkts
Current field force strength @ 12500 with productivity @ 6.5 lakh vs 6.1 lakh YoY
Not likely to take on Debt beyond 6-7k cr if going for a major acquisition
Disc: hold a tracking position, biased, not SEBI registered
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