Mankind Pharma Q1 Results Review - Margins Impacted By One-Offs: Systematix

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Research Report.Mankind Pharma Ltd.'s Q1 FY25 revenues were slightly below our estimates while Ebitda was below our and consensus estimates. Ebitda declined due to one-time M&A related expenses and other non-recurring costs. However, these costs are expected to normalize in the coming quarters which will lead to the margins stabilizing at ~25%. Revenue growth stood at 12.2% YoY led by strong growth in Exports (U.S. sales) and continued growth momentum in the domestic market. Growth in India business was slightly below estimates (~10% YoY) due to a delayed season in anti-infectives and certain product withdrawals this quarter which shall normalize in Q2 FY25. Consumer business grew 32.1% QoQ as the company witnessed faster growth across all channels. Exports business witnessed a 62% YoY growth driven by an increase in the base business and new launches during the quarter. The acquisition of Bharat Serums and Vaccines Ltd. shall become EPS accretive from the second year onwards with Mankind expecting synergy benefits to be in the range of Rs. 5001,000 million over the next 12-24 months. We recommend a Hold on Mankind at current market price with a revised target price of Rs 1,908 based on 27 times FY26E EPS. .Click on the attachment to read the full report:.Mankind Pharma Q1 Results: Rising Exports Boost Revenue, But Margin Contracts.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Mankind Pharma Q1 Results Review - Margins Impacted By One-Offs: Systematix

The acquisition of Bharat Serums and Vaccines shall become EPS accretive from the second year, says the brokerage.

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Mankind Pharma Q1 Results Review - Margins Impacted By One-Offs: Systematix

The acquisition of Bharat Serums and Vaccines shall become EPS accretive from the second year, says the brokerage.

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