External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Mankind Pharma (Mankind) reported 42% YoY EBITDA growth, led by 19% YoY sales growth (India formulation up 11% YoY and exports grew 230% YoY) and gross margin expansion (+262 bps YoY)</li><li>India growth was largely led by 15% YoY growth in the chronic segment (outperformance in CVS, anti-diabetics, and CNS) and recovery in gynaecology</li><li>Export grew 230% YoY on US one-off opportunity</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mankind Pharma (Mankind) reported 42% YoY EBITDA growth, led by 19% YoY sales growth (India formulation up 11% YoY and exports grew 230% YoY) and gross margin expansion (+262 bps YoY)India growth was largely led by 15% YoY growth in the chronic segment (outperformance in CVS, anti-diabetics, and CNS) and recovery in gynaecologyExport grew 230% YoY on US one-off opportunityContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mankind Pharma (4QFY24): Steady Q4, chronic-focused growth strategy intact. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: Domestic formulations sector: secular growth stories

India

Mankind Pharma Limited develops and delivers pharmaceutical products. The Company distributes antibiotic, antifungal, antiviral, gastrointestinal, cardiovascular, dermal, erectile dysfunction, digestive, gynecological, and therapeutic medical drugs. Mankind Pharma operates in India.

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Mankind Pharma (6596876Z IN)

Mankind Pharma (4QFY24): Steady Q4, chronic-focused growth strategy intact. Maintain ADD

India growth was largely led by 15% YoY growth in the chronic segment (outperformance in CVS, anti-diabetics, and CNS) and recovery in gynaecology

HDFC Securities

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

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