Mankind Pharma, the Indian drugmaker for chronic maladies such as diabetes and cardiovascular diseases, reported more than expected profit in the second quarter of this fiscal year. The reason for such growth is high demand for medicines.
The company's consolidated net profit for the quarter ended September 30 has gone up to Rs 653 crore, from a year ago, and marked an increase of 30% for the same period last year.
Average of the LSEG data had forecasted a profit of about Rs 590 crore.
Bread-and-butter chronic disease drugs accounted for the revenue share at 35% in contrast to last year at 34% that drove the overall revenues up 14%.
The Indian pharmaceutical companies Mankind Pharma and peer Torrent Pharma are performing well on home turf owing to strong domestic demand in their niche portfolios comprising specialty drugs and products, prescribed to treat chronic diseases.
These companies see higher demand for anti-infective medicines during the second quarter as people tend to fall sick more during the monsoons.
Torrent Pharma missed second-quarter profit estimates last week, hurt by the shutdown of an insulin manufacturing facility.
Read also| Adani Ports Reports 42% Surge in Net Profit, Reaching ₹5,520 Crore in H1 FY25
Read also| Adani Enterprises Ltd Achieves 6.6x Net Profit Growth, Reporting ₹1,741 Crore in Q2
