Rajeev Juneja, Vice Chairman and MD of Mankind Pharma, reaffirmed the company's dedication to achieving high double-digit growth in its pharmaceutical business for the fiscal year 2024.

"We don't provide quarterly forecasts, but we are committed to maintaining double-digit growth. When it comes to profitability, we anticipate it to be between 24-26%," Juneja told CNBC-TV18.

Juneja emphasized the importance and growth prospects of the company's consumer health division, stating, "Consumer business is dearest to us. In the last three years, we've achieved a compound annual growth rate (CAGR) of around 17% and are currently in expansion mode, building infrastructure for new product launches."

Mankind Pharma's consolidated net profit for the second quarter rose 21% to ₹511 crore. The revenue from operations increased to ₹2,708 crore from ₹2,425 crore in the year-ago period.

With a substantial reserve of ₹1,727 crore, Mankind Pharma is keen on preserving its cash reserves and evaluating opportunities for mergers and acquisitions (M&A).

Shares of Mankind Pharma ended 3.5% higher at ₹1,800 per share on Thursday, November 2, extending their gains for the second day in a row.

The stock is in focus as its shareholder lock-in period ends on November 6. Over 28 crore shares or 70% of its outstanding equity will become eligible for trading post that.

Sources within the dealing rooms told CNBC-TV18 that the stock reacted to its quarterly earnings and that the Street is expecting a large block deal to take place in the stock soon.

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(Edited by : Shweta Mungre)