India-focused pharmaceutical companies demonstrated robust performance in the June quarter, with Torrent Pharmaceuticals reporting a 55% year-on-year increase in consolidated revenue to ₹4,921 crore and Mankind Pharma achieving 12.9% revenue growth to ₹4,031 crore. According to reports from Mint, this strong domestic performance highlights the resilience of India-focused businesses even as US-facing companies face challenges in the increasingly difficult US generics market. The domestic pharmaceutical market grew 12% in April-May, driven by 15% growth in chronic therapies and 10% growth in acute segments, as reported by IQVIA data.
Torrent Pharma's domestic business achieved a record 19% growth, with the company's share in the lucrative semaglutide market reaching 36% during the quarter. As reported by Mint, the company's base business excluding the JB Pharma merger grew 17% to ₹3,720 crore during the quarter. The company's Ebitda margin expanded to 33.8% from 32.5% a year earlier, while consolidated net profit rose 3% to ₹566 crore and Ebitda before exceptional items climbed 61% to ₹1,664 crore. The US business also reported robust growth of 36% to ₹418 crore, driven by new launches achieving targeted market share.
Mankind Pharma's performance was driven by disciplined execution and strengthening business fundamentals, with consolidated net profit rising 29% to ₹574.09 crore compared to ₹444.62 crore in the corresponding quarter last year. According to NDTV Profit, revenue from operations increased 12.9% year-on-year to ₹4,031 crore, against ₹3,570 crore reported in the year-ago period. The company's Ebitda grew 24.9% to ₹1,057 crore, compared with ₹846 crore in the same quarter last year, with Ebitda margin improving to 26.2% from 23.7% a year earlier. The India formulations business increased 11% year-on-year, supported by strong growth in the acquired Bharat Serum and Vaccines specialty business, while the international business grew 29% year-on-year.
The results reinforce a widening divergence within the pharmaceutical sector, with companies having larger domestic footprints benefiting from sustained Indian demand while acquisitions add to reported growth as integrations mature. As reported by Mint, companies more reliant on the US market have reported softer June-quarter performance amid continued pressure in that market. Mankind Pharma shares closed 0.88% lower at ₹2,569.90 on the National Stock Exchange, while Torrent Pharma shares closed 0.24% higher at ₹4,890.00 per share on Thursday, with the benchmark Nifty 50 climbing 0.28% on the same day.
