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Mankind Pharma eyes 50% revenue from chronic therapy drugs in 3 years

Mankind Pharmaceuticals, a key player in acute therapies, has sharpened its focus on chronic therapy drugs (like anti-diabetics and cardiac) and is eyeing 50 per cent revenue from this segment in three years. In fact, it recently applied to drugs regulator Drugs Controller General of India (DCGI), seeking approval to start phase 1 human trials of its novel antidiabetes drug, which has completed animal trials. The compound annual growth rate (CAGR) in the chronic portfolio is 30 per cent and the category contributes around 25-30 per cent of overall revenues

Medical oxygen requirement increased 7 times; met 60% demand: Inox Air

The demand for medical oxygen has jumped manifold amid the second wave of Covid, according to industry players who said it much sought-after since the start of the pandemic last year. According to industry figures, the pre-Covid demand for liquid medical oxygen (LMO) before the pandemic was 700 tonne per day (TPD) across the country. During the first wave of Covid-19 last year, the demand for LMO increased four times to 2,800 TPD. Further, with the second wave, the demand has gone up more than seven times the pre-Covid levels -- 5,000 TPD.

ICICI Prudential profit falls 64% to Rs 64 cr on pandemic addl provision

Despite reporting a good set of overall numbers, an accelerated provisioning of Rs 200 crore for the pandemic has crimped net profit of ICICI Prudential Life by 64.2 per cent to Rs 64 crore in the January-March quarter. However, a Rs 7,400 crore of investment income -- gains from the market--as against a loss of Rs 18,000 crore in January-March 2020 due to the pandemic, has helped it cushion the hit. It also had a payout of Rs 265 crore, net of reinsurance for 205 claims from the pandemic deaths, chief executive and managing director N S Kannan told PTI on Monday in a postearnings call.

Life insurers see over 70% year-on-year growth in NBS in March

The 24 life insurers in the country have largely seen impressive growth in new business premium (NBP) in March and ended the financial year on a high, defying expectations of many who were under the impression that the life sector may see a de-growth in FY21. In March, the NBP of life insurers grew by 70 per cent to Rs 43,416.69 crore from Rs 25,409.30 crore a year ago. March is one of the most productive months for the life insurance sector as they source a lot of business from people who buy policies during this month to save up on income tax. The unusual rise in NBP in March, 2021, may also be attributed to the fact that last year in March the Covid19 pandemic had struck, resulting in a stringent lockdown. And, the life insurers had lost a fortnight of their most productive time.

ACC consolidated Q4 PAT up 74% to Rs 563 cr on highest ever revenue surge

ACC Limited reported a consolidated net profit of Rs 563 crore in the March quarter, up 74 per cent from the same period last year on the back of increased revenues. The top line in the period under review stood at Rs 4,213 crore, up 23 per cent from the same period last year. The company’s operating EBIT margin in the March quarter stood at 17 per cent from 10 per cent in the corresponding period last year. Meanwhile, the operating EBIT was at Rs 717 crore in March quarter, up 86 per cent from last year. The EBITDA (earnings before interest, taxes, depreciation and amortisation) margin was at 20.4 per cent in the quarter gone by, up from 13.8 per cent in the same period last year.

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