Mankind Pharma has approved the sale of its entire stake in Mahananda Spa and Resorts Pvt Ltd to Chalet Hotels for ₹5,300 Million. The transaction is expected to be completed by February 28, 2025, with proceeds used to reduce debt, the company said in a press release on the stock exchange.
Mankind Pharma Limited has announced the sale of its entire stake in Mahananda Spa and Resorts Private Limited (Mahananda), a wholly owned subsidiary, to Chalet Hotels Limited. The deal was approved by the Board-appointed Committee of Independent Directors on February 10, 2025.
The total consideration for the sale is ₹5300 million, subject to closing adjustments, and the sale is expected to be completed by February 28, 2025. The proceeds will be utilised to retire part of Mankind Pharma’s debts.
For the financial year ending March 31, 2024, Mahananda contributed ₹7,433.24 lakhs (0.72%) to the turnover and ₹40,135.92 lakhs (4.29%) to the net worth of the company.
Chalet Hotels, part of the K Raheja Corp Group, is a prominent hotel chain and will acquire Mahananda as part of this transaction. This sale does not fall within related-party transactions and will not impact the Scheme of Arrangement.
Mankind Pharma’s consolidated profit after tax (PAT) for the third quarter of FY25 fell by 16.5% year-on-year (Y-o-Y), totalling ₹385 crore compared to ₹460 crore in Q3FY24. Despite the decline in PAT, the company achieved a significant 24% increase in revenue from operations, reaching ₹3,230 crore, up from ₹2,607 crore in the same period last year.
The company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter stood at ₹833 crore, with an adjusted EBITDA margin of 27.7%, compared to ₹611 crore and 23.4% in the corresponding period of FY24.
Mankind’s domestic business saw 16% growth in Q3FY25, reaching ₹2,773 crore in revenue. The company also experienced notable growth in its consumer healthcare segment, which grew 30% year-on-year.
Mankind Pharma Limited’s stock saw a decline of 1.61% as of 11:32 AM on the NSE, with the price dropping by ₹40.30 to ₹2,461.75. The stock opened at ₹2,525 and reached a high of ₹2,557.45 before dropping to a low of ₹2,450.
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Published on: Feb 11, 2025, 11:46 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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