Shares of Mankind Pharma were dipping on Thursday despite posting sharp growth in its bottom line for the fourth quarter amid speculation of a major acquisition.

What Happened: Mankind Pharma reported a net profit of ₹477 crore for the March quarter, marking a 62.3% increase from ₹294 crore in the same quarter last year.

The Delhi-based pharmaceutical company’s revenue rose by 18.9% to ₹2,441 crore compared to ₹2,052 crore a year ago. At the operating level, EBITDA increased to ₹591 crore from ₹417 crore in the same period last fiscal, with the EBITDA margin improving to 24.2% from 20.3%.

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Mankind Pharma was also considering the acquisition of Bharat Serum & Vaccines from private equity player Advent, sources told CNBC-TV18.

Founded in 1991, Mankind is India’s fourth-largest pharmaceutical company by domestic sales. It develops, manufactures, and markets a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Mankind Pharma operates in the domestic pharmaceutical business and consumer healthcare sectors. Its pharmaceutical portfolio includes products for therapeutic segments such as anti-infectives.

Price Action: Mankind Pharma’s share price was down 0.58% at ₹2,178 near the start of trade on Thursday.

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