India’s Mankind Pharma posts 43% jump in Q4 profit in first results since listing

India’s Mankind Pharma posts 43% jump in Q4 profit in first results since listing

BENGALURU, May 30 (Reuters) – India’s Mankind Pharma Ltd. (MNKI.NS) on Tuesday reported a 43.4% surge in fourth-quarter profit in the Manforce condom-maker’s first earnings as a listed company, helped by lower input costs.

The country’s fourth-largest pharmaceutical company by domestic sales said consolidated profit before tax climbed to 3.77 billion rupees ($45.6 million) for the three months ended March 31, from 2.63 billion rupees a year ago.

Revenue from operations rose 18.9% to 20.53 billion rupees.

The company, whose Manforce male condoms compete with Reckitt Benckiser Group Plc’s (RKT.L) Durex and TTK Healthcare Ltd.’s (TTKH.NS) Skore, saw domestic revenue rise 18% year-on-year to 19.72 billion rupees.

Input costs for the company, which keeps prices lower to win more customers, fell 23.4%.

The company had a stellar stock market debut on May 9 with over 30% gains.

However, the stock took a beating in two days after the income tax department conducted searches at some of its premises. Mankind Pharma has said the searches had no impact on its business operations.

Rival TTK Healthcare last week posted a 59.5% surge in its fourth-quarter profit.

Shares of the company, which also makes acute and chronic therapeutics including anti-infectives, anti-diabetics and respiratory, settled 0.9% lower to 1,355.95 rupees on Tuesday ahead of the results, well above its initial public offering offer (IPO) price of 1,080 rupees.

($1 = 82.6750 Indian rupees)

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Source: Reuters