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Mankind Pharma to enter into niche export market
Mankind Pharma's Vice Chairman, Rajeev Juneja said the firm is determined to venture into the export market with niche products — any product that is complex, difficult to make, and has entry barriers.
Besides the US, the company also exports to many countries including Sri Lanka, Nepal, Chile, and Kenya among others. (Image sourced via Forbes India)
Mankind Pharma, an Indian pharmaceutical company, is looking to enter the export market of niche products while maintaining its primary focus on the domestic market as the company remains uncertain about the duration of the current pace of export growth, stated Vice Chairman Rajeev Juneja on February 12.
In a conversation with CNBC-TV18, Juneja highlighted that Mankind Pharma mainly focuses on the domestic market, with over 90 percent of its attention directed towards it. He further added, “As far as export is concerned, it is a one-off. We don't know till when we will have this golden run”.
Juneja’s remarks were succeeded by the company’s results for the October to December 2023 quarter in which its export revenue grew 118 percent year-on-year to Rs. 207 crore, aided by certain one-off opportunities in the US.
Besides the US, the company also exports to many countries including Sri Lanka, Nepal, Chile, and Kenya among others.
The export revenue growth has been ascending for the past several quarters. For the nine months ending December 2023, the growth amounted to 154 percent at Rs.546 crore compared to the corresponding period of the previous fiscal year.
Reviewing the export outlook, Juneja emphasised on Mankind Pharma’s objective of entering the export market with niche products that are complex, difficult to make and have entry barriers. “Only then do we want to go for exports, otherwise not; we are doing great on the domestic side,” he said.
In the third quarter of the fiscal year, the domestic business experienced significant growth of 20 percent compared to the previous year. This growth was mainly attributed to the strong performance in chronic therapies, a notable increase in anti-infectives, and boosted sales in modern trade and hospital sectors, as stated by the company. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 39 percent year-on-year to ₹611 crore, achieving a margin of 23.4 percent, up 240 basis points from the previous year. Juneje anticipates the margin to remain within the 24-26 percent range.
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