Dear Shareholders,
At the outset, we must convey our sincere gratitude to all our customers, business
partners and the ever- expanding investor fraternity, who have continued to encourage us
with their invaluable faith and guidance in our journey forward. The journey towards
building a healthier Bharat begins with tenderness in our hearts, agility in our footsteps
and deeply cherished values in our DNA.
In 2023, we witnessed a momentous achievement with our successful IPO in May and
emerged as one of the top 100 listed companies in the country. We are deeply humbled by
the trust and support our shareholders have reposed in us.
Also, despite being one of the youngest companies in the country, we are the fourth
largest Company by value in the Indian Pharmaceutical Market (IPM).
We pride ourselves on our ability to identify whitespaces and work aggressively on
those opportunities. Our ethos have consistently centred around being unique rather than
just competing with our peers.
We are focused on the domestic market and over 90% of our revenue comes from India. It
comes as no surprise that our domestic business, supported by one of the biggest field
forces in the country, continues to grow at a faster pace than the IPM.
Due to enhanced internet accessibility and increasing health awareness, we have
recorded strong growth in newer business channels such as modern trade and e-commerce.
Additionally, our commitment to affordability sets us apart. Our product portfolio
across segments is visibly more affordable when compared to those of our peers. Going
forward, we aim to maintain the affordability of our products.
With a persistent focus on quality, we were the first to introduce DMF grade API
products in India at Indian prices. In line with this, we have already converted one-third
of our chronic portfolio into this segment.
Moreover, Manforce condoms, Prega News, Unwanted 72 (oral contraceptives), Gas-o-Fast
(antacid), AcneStar (skin brand) and HealthOK (multivitamins) are among the leading
consumer health brands in India—further solidifying their positions by consistently
gaining market share in their respective categories.
Proven Track Record
Our commitment to innovation is evident in our continuous product development,
utilising innovative drug delivery systems and forming partnerships with innovators. In
2019, we became the first Indian and second global firm to develop dydrogesterone, a drug
that currently commands over 20% market share.
Committed to meeting global demand, during FY 2023-24, we commissioned a dedicated,
fully integrated facility for dydrogesterone in Udaipur, Rajasthan. This facility offers
us a competitive edge in terms of quality and pricing.
We have begun revamping the packaging of our products, introducing innovative designs
to provide comprehensive product information, combat counterfeits and add a flavour of OTC
across our product portfolio.
During FY 2023-24, we recorded a revenue of INR 10,335 crore, while our PAT margin
stood at 19%. Moreover, our chronic share increased by 160 bps and constituted nearly 36%*
of our domestic revenue.
Our partnership with Astra Zeneca for the exclusive distribution of Symbicort has been
a major highlight of the financial year, further strengthening our presence in the
respiratory segment. This collaboration will enable us to make high-quality respiratory
treatments more accessible to patients across India. Additionally, we have also
in-licensed a patented cardiovascular product Inclisiran from Novartis. This is in line
with our strategy of expanding our chronic portfolio to include niche, complex and new age
molecules as done in the last two years, including the inlicensing of the heart failure
drug Neptaz from Novartis and Glargine insulin from Biocon and acquistion of Oncology,
Transplant and other high end products acquired from Panacea.
Nurturing Our Teams
At Mankind, we are a young Company with an equally young workforce that fosters
out-of-the- box thinking. Moreover, we uphold true open-door policies, ensuring that every
team member feels valued and heard.
We prioritise the well-being and professional development of our workforce through
initiatives, including having no sales target for medical representatives. This leads to
increased productivity and a supportive work environment. At Mankind, we have instilled a
strong value system and a culture of integrity that permeates throughout the entire
workforce, across all organisational levels.
Additionally, we prioritise constant upskilling across all levels, as evidenced by the
substantial number of training hours we offer every year.
We maintain a healthy working environment and encourage consistent employee engagement,
along with undertaking robust reward and recognition initiatives and implementing
industry-best HR policies.
Enabling Inclusive and Sustainable Growth
At Mankind, our commitment to excellence extends beyond conventional business
solutions. We address sustainability challenges with the same proficiency and priority as
we do with other key business concerns. Our ethos of leveraging resources for the
betterment of humanity is reflected in our corporate social responsibility (CSR)
initiatives. Through the execution of our CSR vision and objectives, grounded in
sustainable interventions, we facilitate holistic development within the communities we
serve.
Bias for Execution
Our ambition and aggressive drive translate into a 'bias for execution.' We believe in
taking disruptive steps, learning from them and continuously improving. This long-term
approach is evident in our past success and it guides our future focus on Chronic,
Consumer healthcare, high entry barrier segments in pharma and other healthcare
adjacencies in the domestic market.
At Mankind Pharma, we have always thrived on diversification, offering a diverse range
of portfolio and having a balanced pan-India presence with deeper penetration across
pharma and consumer healthcare.
We have embarked on the road ahead with a strong balance sheet and best-in-class cash
conversion metrics. Our focus on the domestic business remains firm as ever and we remain
committed to consistently increase our CVM share, volume out- performance to IPM, scaling
up of brands bigger, and further increase our chronic share to IPM levels in the mid-term.
Furthermore, we have gradually expanded our field force to 16,000 people with
increasing focus on chronic therapies and high entry barrier portfolio while sustaining
the growth momentum in our core markets. This, coupled with our commitment to R&D and
quality, will enhance our agility in meeting market demands.
In Consumer Healthcare, beyond strengthening our key brands, during the year, we have
adopted initiatives towards optimisation of channel inventory and are building the pillars
necessary to unlock the segment's immense potential and drive sustainable long-term growth
led by Premiumisation, line- extensions and selective launches.
With our collective efforts and strategic emphasis on innovation along with quality,
affordability and accessibility, we are confident of creating enduring value for all
stakeholders.
We reiterate our heartfelt thanks to all of you for your continued trust and support.
With warm regards,
Ramesh Juneja
Chairman and Whole-Time Director
Rajeev Juneja
Vice Chairman and Managing
Director